The accused has been identified as 21-year-old Oral Watson of a West End, Negril address.
Cops say that a second suspect, who is said to be a juvenile, has been asked to turn himself in to police custody.
According to reports the Dennis Balakai, who is a real estate agent from Richmond Hill, Canada, was shot dead by gunmen in the presence of his father and girlfriend in a apparent robbery attempt.
The accused is set to make his first court appearance later this week.