Trung Ma, 35, was scheduled to appear before a magistrate Tuesday morning, the (Brisbane) Courier-Mail reported.
Investigators said Hugo Bonham, 63, who described himself as a "divine transformational facilitator" and a "physicist turned electro-engineer turned psychotherapist," had not been seen since early February. His sister reported him missing after a real estate agent told her Bonham did not show up for an appointment.
Police said last week they had "grave concerns" after finding blood at Bonham's home in Tallai, a town on Queensland's Gold Coast south of Brisbane.
Bonham was beaten to death, police said.
Ma, born in Vietnam, graduated from the University of Queensland. He ran Brisbane Money Management, based in Indooroopilly, the same Brisbane neighborhood where the storage unit is located.
Investigators released little information about the arrest, the Courier-Mail said. Ma and Bonham are believed to have had a business relationship.