Julian Hernando Diaz Porras was arrested near the Venezuelan border in the Colombian department of Norte de Santander. Diaz, who was wanted by Interpol, is being charged with trafficking cocaine from Colombia to Venezuela between 2004 and 2007, according to reports.
He is also wanted in Venezuela for crimes of conspiracy and money laundering.
Diaz will be held in Bogota until his extradition to Venezuela can be arranged.
The capture is the latest in a series of acts of cooperation between the neighboring countries, which had previously clashed over security issues, with Colombia accusing Venezuela of sheltering rebel groups.