The 31-year-old is currently being held in police custody.
Paige was last spotted at a deli in Clydebank, West Dunbartonshire, on the morning of Saturday March 19.
The schoolgirl had been due to catch a bus to her part-time hairdressing job but the alarm was raised when she failed to arrive at the salon.
Her body was found two days later in bushes at the side of Great Western Road, a busy route connecting Clydebank and Glasgow.
On Thursday evening, Police Scotland revealed that a 31-year-old man had been arrested in connection with the girl’s death.
He is due to appear in private at Dumbarton Sheriff Court on Saturday.
The arrest follows intense police activity in the areas around where Paige was last seen and where her body was eventually found.
Specialist forensic officers had recently been searching the Delicious Deli in Clydebank’s Fleming Avenue, and examining a property in a nearby street.
Paige’s mother, Pamela Munro, has said the family is “devastated” by the teenager’s death.
In an earlier statement released via police, she said: “We are absolutely devastated that we have lost our beautiful little girl.”
The arrest came two days after police appealed for information and said they were trying to piece together Paige’s last known movements.
Police were contacted after Paige failed to arrive at the hairdressers in Kirkintilloch, East Dunbartonshire, where she worked.
Speaking at the time, senior investigating officer Detective Superintendent Duncan Sloan described her as a “very independent young lady” and a “young, friendly girl with plenty of friends”.
He said on Thursday night: “I would like to take this opportunity to thank everyone who contacted us with information. The response from the public has been outstanding.”
A report will now be sent to the procurator fiscal.
Laura Mason, chief education officer at West Dunbartonshire Council, previously described Paige as “a bright and popular pupil with a good sense of humour”.
The local authority has said it is working to support the young people affected by the death.
In memory of Paige, the landmark Titan Crane in Clydebank was lit pink on Thursday.
Provost Douglas McAllister said: “Our community is in shock at this tragedy and our thoughts and prayers are with Paige’s family and friends. This is a small gesture of support for everyone who knew Paige.”
Two fundraising pages to help Paige’s family meet funeral costs and other expenses collected more than £14,000 a day after they were set up.
A dedicated mobile line has been provided by Police Scotland which people can text with any information. The number is 07557 540848.
People can also call the incident room on 0141 532 5415 or 0141 532 5443 or email [email protected]