Reyes, from New Rochelle, New York, was found in a suitcase on February 5 by the side of Glenville Road in Greenwich, Connecticut, a mile from Merritt Parkway.
Valerie Reyes, 24, has been found dead in CT after being reported missing in New Rochelle, police say.
Sources identified the suspect as Javier da Silva, of Queens, New York, according to CBS New York.
In a statement released on Tuesday, Greenwich police said Da Silva was taken into custody for allegedly using a debit card belonging to Reyes.
In a press conference on Tuesday Greenwich Police said that de Silva confessed to playing a role in the murder when he was questioned following his arrest.
"We are confident that the pursuit of justice for Valerie will be successful and we continue to work with the family to provide closure to this tragedy", Captain Berry, commander of the Greenwich Police Department detective division, said. "I was praying her family would have her back", said Brenda DeGiacomo.
"Multiple crime scenes had been examined, hundreds of hours of surveillance footage had been reviewed, and numerous interviews of potential witnesses had been conducted", Berry said. "I'm paranoid. I'm getting anxiety attacks".
CBS New York reports that the suspect is originally from Venezuela but had remained in the USA illegally since the expiration of his visa.
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"She was scared, very frightened", her mother Norma Sanchez told the Rockland/Westchester Journal News last week.
Valerie Reyes, 24, was stuffed in a suitcase which was abandoned last week.
Reyes had worked at a Barnes & Noble store in Eastchester, N.Y., since it opened 2 1/2 years ago, according to the bookstore chain.
"Reyes did tell her mother what turned out to be true: "'I'm afraid someone is going to murder me".
"I asked about her ex-boyfriend".
William F. Sweeney Jr., head of the FBI's NY office, said federal authorities teamed with police in Greenwich and New Rochelle to "swiftly identify Javier Da Silva, an alleged murderer, and place him behind bars". Those items included an iPhone, an iPad, her wallet, several items of clothing and bedsheets.
Police said tips have been pouring in with leads in her horrific and sudden slaying.
Reyes lived alone in a basement apartment in New Rochelle and suffered at times from anxiety and depression, WABC reported.