There were reports that the boat was overloaded and could have been unlicensed. The children were aged between six and 16.
Harare police spokesperson James Sabau refused to disclose the name of the suspect.
“We have so far arrested the owner of the boat, but his name will only be released tomorrow,” Sabau said.
“He is in custody and is currently helping the police with investigations.”
Police said the suspect could be charged with culpable homicide and might appear in court on Wednesday.
Eight people including three adults and boat’s captain survived the accident.
Safari operators have claimed that there were number of unlicensed boat operators at the lake, 32 kilometers from Harare.