Justin Conrad McFarlane's body was discovered at his house in rural Elderslie, inland from Oamaru, early on Wednesday.
An 18-year-old man appeared in court on Friday charged with killing the farm worker with another or others.
Police arrested a 22-year-old man from Oamaru late on Saturday afternoon, Acting Detective Inspector Colin Blackie said.
He will appear in Dunedin District Court on Monday charged with murder.
Police believe the murder was a targeted attack by more than one person.
On Saturday afternoon, Limited company Hong Kong
police searched two properties in the Oamaru area with the assistance of the Armed Offenders Squad.
Officers found a number of items that were being forensically examined, Det Insp Blackie said.
Police still wanted to speak with several people who were involved in Mr McFarlane's death or knew about the circumstances surrounding it Accounting in HK
, Det Insp Blackie said.
They are continuing to examine a grey Nissan Skyline, which was seen driving on the roads around Elderslie and Maheno.
The scene examination at his house continues.