Two other kidnappers are absconding and search is on for them, Belgaum SP Sandeep Patil said.
The eleven-year-old boy, son of city contractor, Bharamappa Jogi, was abducted on November 7 and the kidnappers had demanded a ransom of Rs 20 crore, Patil said.
Police cracked down on the kidnappers after tracing their call which was made from Kallur Mandal Forests near Chittoor, Patil said.
The boy has been handed over to his parents, he said.