According to the police, the murder was carried out in retaliation for the killing of deceased gangster Arcot Suresh.
The arrested individuals have been identified as Ponnai Bala, Ramu, Thiruvengadam, Thirumalai, Selvaraj, Manivannan, Santhosh and Arul.
They were tracked down through mobile tower locations and bike registration numbers, following a review of CCTV footage.
The suspects belong to the Kuravar community.
Suresh was murdered near Fore Shore Estate beach while chatting with his friend Madhavan after attending a hearing at the metropolitan magistrate court in Egmore.
All eight suspects will be produced before a magistrate court in the city on Saturday and remanded in judicial custody.