Quran Powell was arrested in East Orange, N.J., on Wednesday, about 30 miles north of the PNC Bank Arts Center, where the concert took place.
Powell, 27, of Holmdel, N.J., faces two counts of attempted homicide and weapons offenses.
Two men, ages 23 and 24, were shot multiple times around 11 p.m. Monday night in the parking lot. The concert was still in progress at the time.
Witnesses said the gunfire began after an argument broke out in the parking lot.
"As I was cleaning, doing my job, everyone who was here heard gunshots," an arena employee told CBS New York. "We heard four of them - it was like firecrackers going off since the show was over - and then we heard like five more. Everyone in the parking lot started running."
The victims were listed brought to a hospital and are in critical but stable condition, the station reports.
State troopers used K-9 units and a helicopter to scour woods near the amphitheater, and a $5,000 reward was offered for information leading to the shooter's arrest.
Investigators developed information that led them to search Powell's home Wednesday, where they learned he might be hiding in East Orange. He was arrested at an apartment there.
Powell was being held at Monmouth County Jail in lieu of $750,000 bail.