According to police, Sarvervir Singh was arrested following a tip-off with two Toyota Fortuner vehicles recovered from his possession.
The accused, who hails from a well-to-do family, completed a course in hotel management from Australia before recently returning to the city.
Disclosing his modus operandi, police said the accused used to target new buyers of premium vehicles and, in the guise of the company's engineer, used to visit their residences where he replaced the original keys with fake ones.
Thereafter, he would strike at night and make off with the vehicle.