The arrest was made near Bhondsi area on Friday night.
Subhash Bokan, PRO of Gurugram police said that the accused confessed to the crime. He was part of a gang that targeted potential customers after uploading the photographs of the SUV on OLX in May.
"We have received complaint from Shish Ram Dhuwade, a resident of Bheed in Maharashtra. He said in the complaint that he had set a deal with the seller at the cost of Rs 4.51 lakh and latter had invited him to come to Gurugram. When he along with his friend Nilesh Hinge reached there on May 21, two youths received them from metro station and took them to Gurugram-Alwar road," Bokan said.
"After travelling 25 to 30 kms, the accused stopped the vehicle at an isolated place. Soon three of their accomplices who were already present, joined them. They took Dhuwade and Hinge on gunpoint and robbed them of Rs 3 lakh in cash, two mobile phones, a chain and two wrist watches and fled. The victims were carrying cheque of Rs 1.51 lakh as well," Bokan said.
The victims were unfamiliar with the place and hence they do not know the name of the location. They somehow reached Gurugram Alwar road and took a lift to the nearest police station at Bhondsi.
"We have registered FIR under relevant sections of IPC. The victims have given descriptions of the accused which we used to develop sketches. One of the sketches was matched with Ikbal alias Balla, a resident of Mohamadpur Gujjar," Bokan said.
"The accused is under interrogation to find out identities of other accused," Bokan added.
( With inputs from IANS )