A firearm was later recovered on a nearby railway embankment.
Strathclyde Police said a 49-year old man had been arrested and was being held in custody. A report will be sent to the procurator fiscal.
Man arrested over fatal shooting
A man has been arrested in connection with the death of a young man who died after being shot.
Stephen Pollock, 21, was found dead at a friend's house in Weaver Terrace, Paisley at around 11.15pm on December 21.
A firearm was recovered by police on a railway embankment nearby earlier this week.
Strathclyde Police said that a 49-year-old man has been arrested in connection with Mr Pollock's death.
He is expected to appear in court next week.