Yuron Robinson is being held on $5 million bond.
He is charged with first-degree murder in the death of Henry Nowak, who is also known as Henry "Chip" Mallek.
Nowak's body was found last Thursday in the 200-block of Summit in Park Ridge.
Police say the men fought over money Robinson owed the victim for drug transactions.
"An argument ensued and escalated to the point where Robinson strangled Novak," said a police spokesperson.
Police say they arrested Robinson on Sunday as he tried to board a bus for Iowa.
This is Park Ridge's first murder since 2006.