According to the Australian AP newswire, the programmer is suspected of developing software that launches malware attacks on tens of thousands of computers around the world.
The arrest of the virus writer follows a three-month investigation by the e-crime divisions of the South Australian Police and the Australian Federal Police.
Police told the newswire that the virus software was designed to "capture banking credentials and credit card information from compromised machines".
"Additionally, it is suspected that this offender had developed capabilities to launch distributed denial of service (DDOS) attacks with up to 74 000 worldwide."
According to Australian TV, the man - who has not been named - has been charged with various offences, including the unauthorised modification of computer data, supply and possession of a computer virus with intent to commit a serious computer offence, unlawful operation of a computer system and theft.
Plans call for the programmer to appear in the Adelaide Magistrates Court next month.