Andres Felipe Marin, alias "Pipe," allegedly demanded payment from Asprilla and his family last month, saying they would be harmed if they did not cough up the cash.
Asprilla, a striker who played in the 1994 and 1998 World Cups, said he had been forced out of his home town of Tulua, in western Colombia, in fear of his life.
Colonel Fernando Murillo, police commander of the Valle del Cauca area, told local media yesterday that "Pipe" was arrested on a ranch during a party with several women and his security detail.