Roger Byer was killed by one of his friends, according to police.
Fifty-seven-year-old Daniel Smith has been charged with first-degree murder.
RCMP said Smith was arrested near Holdfast, Sask., just a week after police put out a plea for help in the four-year-old cold case.
In a written release Thursday, police said the public's assistance and a plea from Byer's family did aid the investigation and lead to Smith's arrest.
Byer was last seen on Jan. 20, 2010 in Melfort where he was servicing an ATM. He was reported missing by his daughter six days later.
Byer’s body was found by a farmer on April 1, 2010 in a heavily treed, abandoned farm site between Yellow Creek and Meskanaw, about 50 km southwest of Melfort, Sask.
Byer was in possession of tens of thousands of dollars at the time of his disappearance, none of which has been located. RCMP said theft may be the reason Byer was killed.
The investigation is ongoing.
Smith is scheduled to make his first appearance in court Thursday morning.