CBI sources said Dharneesh Singh, a contractor based in Shahdol district, was the mastermind of the killings and his fingerprints were recovered from the crime scene.
A CBI spokesperson said the agency had already arrested one more accused earlier.
The case was handed over to CBI by the Madhya Pradesh High Court in January this year.
Journalist Chandrika Rai, his wife Durga Rai, son Jalaj Rai and daughter Nisha Rai were murdered on the intervening night of February 17-18, 2012.
The spokesperson said family members of Rai approached the Madhya Pradesh High Court seeking a CBI investigation into the case. The High Court stayed the ongoing trial against the accused and passed order for reinvestigation of the case by CBI.