The accused, Abhay Kumar, is one of the owners of Wishtown Planners Pvt Ltd, the company responsible for the site where the accident occurred.
Police said they are searching for the firm’s other owner, Manish Kumar.
The pit, around 20 feet deep, had been dug in 2021 for the construction of a mall’s basement, but had remained filled with water since the following year.
After Mehta’s death, an FIR was registered against Wishtown Planners and real estate developer Lotus Greens based on a complaint filed by the victim’s father.
Lotus Greens later claimed it had sold the project in 2019–2020 to Wishtown Planners and the Grihapravesh Group with approval from the Noida Authority.
The arrest comes a day after the Uttar Pradesh government removed Noida Authority CEO Lokesh M, a 2005-batch IAS officer, and ordered the formation of a Special Investigation Team (SIT) to probe the incident.
Earlier, Lokesh M had dismissed a junior engineer and issued show-cause notices to other officials responsible for road and traffic oversight in Sector 150.
Mehta died in the early hours of Saturday when his Grand Vitara skidded in dense fog while taking a turn towards his residential complex, Tata Eureka Park.
Investigators said two barriers were placed near a drain between the road and the pit, but the vehicle either breached or vaulted them before landing in the water-filled excavation.
Unable to swim, Mehta remained trapped in the submerged vehicle for nearly 90 minutes.
He managed to call his father, who reached the site first, followed by police, fire services and teams from the State Disaster Response Force (SDRF). However, thick fog hampered rescue efforts, and Mehta could not be located in time, leading to his death.