Another man was also involved in the murder in Matlelerekeng village on Wednesday, but fled before the police arrived, said Constable Lethunya Mmuroa.
The businessman, 29, agreed to leave with the men as he was interested in the fridges they purported to be selling, Mmuroa said.
However, they dragged him into bushes and hit him with a hammer.
A shepherd saw what was happening and ran to help.
The businessman was certified dead on the scene, Mmuroa said.
The arrested man, 29, would appear soon in the Groblersdal Magistrate’s Court.
Police were still looking for the accomplice.