Mr Hundeyin said the suspect was involved in the clash between traders and land-grabbers.
The CP appealed for public cooperation during the exercise.
INEC had declared Mr Shado the winner of the by-election in Kogi.
According to him, efforts are ongoing to apprehend those behind the barbaric act of jungle justice.
The police stated that efforts were ongoing to recover the pistol used during the robbery.
According to him, the suspect is currently assisting in the apprehension of other gang members.
The police spokesperson said the investigation revealed that the suspect was deeply engaged in armed robbery and illegal land acquisition operations.
The police stated that the suspect was apprehended at his hideout in the Agbado area of Ogun State.
A locally-made pistol, an expended cartridge, and a suspected stolen tricycle were recovered.
He said the suspects, aged 28, 38 and 34, were apprehended during their cult meeting on April 26 at Elemoro in the Ibeju-Lekki area of the state.
