A lawyer with a major Glasgow firm was arrested, The Scotsman reported.
The painting, “Madonna of the Yarnwinder,” was taken in a daylight heist in 2003 at Drumlanrig Castle in Dumfries, the home of the Duke of Buccleuch, by two men posing as tourists. The painting, one of 12 surviving Leonardos, is worth an estimated $70 million.
Police said that the painting was found and three men believed to be from Lancashire in England arrested in a raid in Glasgow.
"Through careful investigations and intelligence-led police work, we were able to locate the painting and make four arrests,” said Detective Chief Inspector Mickey Dalgliesh of the Dumfries and Galloway Constabulary.
Colleagues of the arrested lawyer said that he was not involved with the theft but had been involved in an effort to return the painting.
The painting, believed to have been commissioned by King Louis XII of France, has belonged to the dukes of Buccleuch for more than 200 years.