Gordon Graham, 43, died in the fire in High Street in the Aberdeenshire town in May 1998.
Police have made a number of re-appeals for information over the years and a 42-year-old man has now been arrested and charged over the fire.
He is expected to appear at Peterhead Sheriff Court on Thursday.
A force spokesman said: “Police Scotland can confirm that a 42-year-old man has been arrested and charged in connection with a fatal fire at 74 High Street, Fraserburgh, on May 3 1998 which claimed the life of Gordon Graham.
“The family of Mr Graham have requested that their privacy is respected at this time.”