Brandon Deandra Knight, 22, was taken into custody after being released from the hospital Wednesday morning and charged with first-degree battery and aggravated assault.
The shooting broke out between two people shortly after 7:00 p.m. on Saturday night at the annual "Hood-Nic" event in Dumas, which is about 90 miles southeast of Little Rock.
Cameron Shaffer, a 23-year-old from Jacksonville, was shot and later pronounced deceased at the Dumas hospital. There was no indication that Shaffer was involved in the shooting, authorities said Sunday.
Five children younger than 11 were wounded, including one toddler who was just 19-months-old.
Brittany Allen, a victim who suffered a gunshot wound to the leg, told KARK that a fight broke out shortly before the shooting.
"Then I just started to hear really faint gunshots," Allen told the local news outlet. "They really sound just like firecrackers, almost."
The Hood-Nic event, which is short for neighborhood picnic, is an annual community event that also features a parade, bonfire, and musical performances and is meant to "rebuild, reunite, and respond to the needs of the youth in our communities."
"The purpose of Hood-Nic has always been to bring the community together," the organization said in a statement. "This senseless violence needs to end."
Knight is being held at the Dumas city jail ahead of a court appearance on Thursday.
One person was arrested after the shooting on "unrelated" charges, authorities said Sunday.
Arkansas Gov. Asa Hutchinson called the incident "a total disregard of the value of life."
"As the investigation continues, I will examine details to see if there are any steps that could have been taken to prevent this type of tragedy," he said in a statement on Sunday.
The Associated Press contributed to this report.