A rifle used in the crime was also recovered from him, the SSP added. Another accused, Harpal Singh, also surrendered before the police on Wednesday.
Earlier, police had nabbed Harpreet's brother Gurpreet Singh, and another accused Kulwant Singh on November 6 from Badhi Kalan.
Former Barnala MLA and SAD leader Keetu was shot dead on October 29 near the entrance of his house at his native village: Bilaspur, by five persons including three of his nephews. One of the three nephews is still at large.