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The accused has been identified as Harishkumar Balakram (23), hailing from Bahraich in Uttar Pradesh, an official said.
Balakram was working as a scrap dealer in Maharashtra’s Pune, he said, adding the accused was also part of the conspiracy to kill Siddique.
He was nabbed from Bahraich, the official said.
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Police had earlier arrested Haryana resident Gurmail Baljit Singh (23), Uttar Pradesh native Dharmaraj Rajesh Kashyap (19), both alleged shooters, and “co-conspirator” Pravin Lonkar from Pune.
Another suspected shooter Shivkumar Gautam, who hails from Bahraich, is on the run.
Baba Siddique (66) was waylaid by three persons in Mumbai’s Nirmal Nagar area, just outside his MLA son Zeeshan Siddique’s office, and shot at on Saturday night. He was rushed to the Lilavati Hospital where he was declared dead, according to police.