The farmer, named by neighbours as bachelor Tony Martin, 54, was being held at King's Lynn police station after the incident at his dilapidated farmhouse at Bleak House, Emneth, Norfolk, late on Friday.
Police said he was being questioned in connection with murder and attempted murder after being arrested at a hotel in Wisbech, Cambridgeshire, early on Saturday.
The victims were believed to be in their 20s and from outside the Norfolk area. The dead man, aged 26, was found in the farmer's garden. Police said they believed he had been trying to burgle the cottage when he was discovered.
The injured man was under arrest at the Queen Elizabeth Hospital, King's Lynn, where he was being treated for gunshot wounds to the leg.
A third man was arrested in Emneth and was being questioned at King's Lynn police station.
Police were examining a firearm seized at the scene and were carrying out forensic examinations in and around the two-storey farmhouse.Reuse content