The accused, identified as Shahrukh Sakhale, from Bhakti Nagar in Rajkot.
According to an official, Sakhale has been on the run since May 23 after he and his three aides allegedly attacked an angadia firm employee at Rajkot bus stand and robbed him of cash and diamonds worth Rs 43 lakh.
A case was registered at Rajkot police station following the incident.
The official said that Rajkot police had forwarded a video of the incident to the crime branch of the Mumbai Police.
On specific inputs, police today laid a trap in Govandi and arrested Sakhale, he said, adding that the accused will be handed over to Rajkot Police.