Vinodanand Jha, also known as Swami Om, was declared a proclaimed offender by the Saket Court in Delhi last year in the case, the police said.
In November 2008, an FIR was registered at Lodhi Colony police station against him on a complaint by his younger brother Pramod Jha.
Pramod had accused him of breaking the lock of his bicycle shop in Lodhi Colony along with three men and stealing 11 bicycles, expensive spare parts, sale deed of the house and important documents, a police officer said.
The godman was hiding in a house in northeast Delhi's Bhajanpura and was arrested by a joint team of Lodhi Colony police station and Inter-State Cell of Crime Branch, the officer added.