The accused was arrested hours after the body of Geet Brar with bullet injuries in head and neck was found dumped at Rajpura near here late last night, Patiala Senior Superintendent of Police (SSP) S Boopathi said.
He said 38-year-old cameraman Manjeet Singh Thind owed money to Brar, which became the motive of the killing.
The SSP said Brar was shot thrice from a close range.
Examination of the crime scene revealed that she had been fired upon at the spot where the body was found, he said.
Brar, who hailed from Moga, was living in a rented accommodation in Chandigarh.
Associates of Brar told police that they had seen her leaving the Chandigarh residence with the cameraman, a resident of Rajpura, police said.