Merlin Lu is facing several charges including arson and committing a hate crime.
The 21-year-old was arrested at his home after a burning wooden cross was found in Grant Park. A passerby captured video of the incident on June 9.
The burning cross is widely considered to be a symbol of racist hatred.
The investigation involved the Chicago Police Major Crimes Division, Illinois State Police, U.S. Marshals, and the FBI.
Investigators released a picture of a suspect allegedly leaving the area near Columbus and Balbo.
Father Michael Pfleger of St. Sabina Church had offered a $10,000 reward for information leading to a suspect.
Lu will fac e a judge later Thursday. It's unclear if Lu may eventually face federal charges.