Sheldon Timothy Herrington Jr., 22, was arrested by the Oxford Police Department and the University of Mississippi Police Department, the agencies said in a joint news release.
Oxford police said the investigation is ongoing and has asked for the public’s help in the case.
Lee’s family last week implored anyone with information to come forward.
“If anyone knows anything or sees anything, say something. Contact law enforcement. Just tell them what you know. This is my plea that you help find my child,” Lee’s father Jimmie Lee, Sr. said in a video plea posted online by Oxford police.
Lee’s car was found on July 11 at a local towing company after it was towed from Molly Barr Trails apartment complex in Oxford.
The 2014 black Ford Fusion with a gold racing stripe down the middle of the hood has a license plate “JAYLEE1.” It was taken to the Mississippi State Crime Laboratory for processing, police said at the time.
Police believe Lee was visiting someone who lives in Molly Barr Trails before disappearing July 8 around 5:58 a.m.
The CNN Wire contributed to this report.