Mohammed Sohel Rana forced workers to return to the factory on the day it collapsed despite cracks in the building being reported the previous day.
He has been flown back to the capital, Dhaka.
Two other factory owners have also been arrested.
A further two engineers involved in approving the design of the building which collapsed have been detained for questioning.
Rescuers continue to look for survivors amongst the rubble. Two people were pulled out alive on Sunday but hope is fading for others still trapped.
A fire started by sparks from cutting machines stopped rescue efforts in part of the building until it was brought under control.
The building housed a garment factory that supplied Primark.
Protesters targeted their flagship store in London on Saturday, demanding compensation for the hundreds of workers killed in the tragedy.
Primark released a statement on Thursday saying the clothing chain was "shocked and saddened" by the incident.
Thousands of relatives have gathered at the site awaiting news.
Building regulations in Dhaka have come under scrutiny in recent months, with many building in the densely-populated city erected without permission and not complying with construction regulations.
In November last year, 112 workers were killed in a fire at a factory on the outskirts of Dhaka.