John Bingham, 47, was held by officers after they were called to a fight at his home in Coatbridge, North Lanarkshire. It is believed an argument between Mr Bingham and another man erupted soon after 7pm on Sunday.
Bingham, who appeared injured, left the house and got into an ambulance. The other man died in Glasgow's Royal Infirmary.
Mr Bingham is the director of several security and car dealerships in the west of Scotland, including Clydeforth Security Services, Hummer UK and Lamborghini.
Police had cordoned off the property and were still at the scene yesterday.
Mr Bingham is due to appear at Airdrie Sheriff Court today.