Police officers were alerted to the case at 1.38am on Thursday by the arrestee, 28, who claimed the man collapsed on Hanoi Road in Tsim Sha Tsui.
However, following a preliminary investigation, officers believed the man collapsed at a bar on the same street and was moved away by the arrestee and another woman.
Both suspects and the deceased are staff working at the bar, according to the police.
Officers also seized around 50 grams of suspected crack cocaine, a batch of suspected drug-taking tools and some HK$82,000 in cash at the bar.
The 28-year-old man was arrested on suspicion of preventing the lawful burial of a body, keeping a divan, trafficking in a dangerous drug and failing to produce proof of identity.
He was being detained for investigation as of Thursday afternoon.
Police officers are still looking for the female staff member who is in her 30s to 40s.
