Irma Palasics was allegedly murdered in 1999 and what followed was one of Canberra's longest-running police investigations.

Police announced a breakthrough in the case in September, when Melbourne man Steve Fabriczy was charged with murder.

Fabriczy, 68, was arrested and extradited to the ACT after DNA, which the court heard was taken a number of years earlier by Victorian police, was allegedly matched by the Australian Federal Police in mid-2020.

Now, another 68-year-old Melbourne man has been arrested in relation to the death and is expected to face the ACT Magistrates Court on Friday.

He is set to be charged with murder.

The hunt for two men who broke into the Palasics' home almost 24 years ago, brutally bashing Mrs Palasics, and her husband Gregor, has been one of Canberra's longest-running police investigations.

The elderly couple were bound with cable ties and are said to have been viciously beaten as the men ransacked the house for two hours, stealing $30,000 worth of cash and jewellery.

Mrs Palasics did not survive her injuries and died at the scene.

Following a review of the investigation and other outstanding cases in 2021, police adopted a new investigative strategy.

On Wednesday, ACT Policing investigators, with the assistance of Victoria Police, visited a home the Melbourne suburb of Endeavour Hills and arrested the 68-year-old man.

He faced the Dandenong Magistrates Court the same day and was granted extradition to the ACT.

The second arrest comes after continued investigations following the arrest of Fabriczy in September.

In a statement, Detective Superintendent Scott Moller said the second arrest was the culmination of a significantly complex investigation and was deeply gratifying for all involved.

"This investigation has spanned across several years, with our team of investigators having worked tirelessly to ensure the Palasics family were provided with answers," Detective Superintendent Moller said.

"While the first arrest in September was tremendously satisfying, being able to provide comfort for Irma's family and the Canberra community with the second and final arrest this week is what all of the investigators worked towards.

"I would like to thank all the officers and support staff who worked on this case over the past 24 years for their commitment to bringing those allegedly responsible for Irma's death before the court.

"There is no more traumatic experience than having to deal with the senseless murder of a loved one, so to the family of Irma Palasics, we are pleased to provide this outcome."