The victim, Sagara Nayak (24) was killed on the outskirts of the village during a feast.
Sagara was allegedly beaten to death by the accused during the feast they had organised, inspector in-charge of Bhanjanagara police station, A K Sahu said, adding at least six persons had attended the feast.
The accused have been identified as Nalu Naik (32), his younger brother Dillip Naik (20), both residents of the same Akhupadara village, and Amulya Swain (27), a resident of Dhobakumpa village, Sahu said.
A heated argument could have led to the incident, he said.
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Efforts are on to ascertain the exact reason for the killing, the police officer said.
The deceased used to work at Surat in Gujarat and Nayak had come to the village during the Dussehra festival.
Before his scheduled return, Nayak along with his five friends had organised a small feast on the outskirts of the village.