The country's attorney general says Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, has been arrested in The Bahamas.
He is scheduled to appear in a magistrates' court in the Caribbean country's capital, Nassau.
Police says Mr Bankman-Fried was arrested for financial offences against laws in the US and The Bahamas.
According to a court filing last month, FTX owed its 50 largest creditors almost $3.1bn.
It is unclear how much people who have funds in the exchange will get back at the end of bankruptcy proceedings - though many experts have warned it may be a small fraction of what they deposited.