Zachery Davies-Scott, 25, was killed after several people forced their way into his parents' house at Heddon Greta, east of Cessnock in the NSW Hunter region, on the night of December 27, 2022.
Paramedics tried to save Mr Davies-Scott, but he died at the scene.
His pregnant partner witnessed the deadly attack.
A 52-year-old woman also sustained minor injuries attempting to fight off the attackers before the group fled in a white SUV.
Police set up a strike force to investigate the incident and detectives arrested a 25-year-old man at Elermore Vale early on Tuesday.
He was taken to Waratah Police Station, charged with murder and refused bail to appear in Newcastle Local Court later on Tuesday.
A search warrant was also executed at a home in Elermore Vale.
Detective Chief Inspector Wayne Walpole said police believed the man was one of the "cowardly thugs" who forced their way into the house and were involved in Mr Davies-Scott's killing.
"It was a particularly violent crime," he said.
"He was executed in front of his pregnant partner, in front of his parents (and) his grandparents were also sleeping in the house."
Two men are already before the courts after being charged with murder, while a 25-year-old woman was arrested on January 5 and charged with hindering the investigation.
She is due to appear in court later in January.
In November, 25-year-old Talon Dean was charged with murdering Mr Davies-Scott after being arrested at Boomerang Beach, south of Forster on the NSW mid-north coast.
Days later, 24-year-old Jarryd Nickerson was arrested in Cessnock and also charged with murder.
Det Insp Walpole said the investigation was not over and police had "further matters to address".
Homicide Squad commander Danny Doherty previously said the victim's family members were "extremely distressed and traumatised" by the killing.
"His then-pregnant partner obviously witnessed this but has since given birth," he said.
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