The victim, 24-year-old Oliver Willis, was found dead from multiple stab wounds early Sunday in the 1800 block of West Hillcrest Drive.
The suspect, 28-year-old Alain Alvarez, was arrested Wednesday afternoon on an unrelated misdemeanor charge.
According to the sheriff's office, additional evidence linking Alvarez to the homicide was recovered during the execution of a search warrant.
Alvarez is being held at the Ventura County Main Jail on $520,000 bail.
The investigation is ongoing.
Anyone with information is asked to contact Sgt. Francisco Jauregui at 805-384-4737 or Crime Stoppers at 800-222-TIPS (8477).