He said the arrest was made based on a warrant produced by the Meghalaya police team against Jha for a case in Shillong.
Jha, contesting as an Independent candidate from Jhanjharpur constituency, is likely to be produced in a local court for a transit remand to Shillong.
The Supreme Court had rejected Jha's anticipatory bail petition last month.
Jha founded the first self-financed university in Meghalaya, CMJ University, in 2009, and awarded a record number of 434 PhD degrees between 2012 and 2013, apart from registering 490 more PhD scholars during the same year in violation of UGC norms.
Former Governor R S Mooshahary's principal secretary M S Rao lodged an FIR against Jha.
Several of the University's top officials were arrested. The state police recently arrested the chancellor of a private university in Arunachal Pradesh, Dhanwant Singh Matharoo, too for his alleged role in the affairs of the CMJ university.