The Metropolitan Police said the 29-year-old man is in custody after he was arrested on suspicion of "conspiracy to cause grievous bodily harm" after he attended an east London police station on Monday.
The three men -- 29-year-old Narinder Singh Lubhaya, 30-year-old Harinder Kumar and 37-year-old Malkit Singh Dhillon alias Baljinder Singh -- were found with serious stab wounds by emergency services and pronounced dead at the scene in Seven Kings area of Redbridge in Ilford on January 19.
"All three men were living in the Ilford area and were Indian nationals. Their next of kin have all been informed and are being supported by specially trained officers," the Met Police said last week.
A man previously arrested in connection with the case, 29-year-old Gurjeet Singh, has been remanded in custody to appear at Snaresbrook Crown Court on February 19 after being charged with possessing an offensive weapon in a public place this week. While he remains under investigation in connection with the murders, a second man referred to as [B] by police arrested as part of the murder investigation has since been eliminated from police enquiries.
"I know that people were present when the attack occurred, I urge them to come forward. This is a dreadful incident that has shocked the local community. I need their help to piece together exactly what happened and the events that led up to it," said Detective Chief Inspector Paul Considine, who is leading the investigation.
The Met police has reiterated that they do not believe the fatal incident was gang-related as their enquiries around the motive behind the killings remain ongoing.
"Officers at this stage are not seeking to make any further arrests for murder," the police said.
All the men involved worked as local builders in the area and an "ongoing dispute" is feared to have escalated over the issue of non-payment for some building work.
The Indian High Commission in London said it is providing assistance with the repatriation of the bodies to families in India.