Holly is facing charges of capital murder, kidnapping and residential burglary.
Police said he was not related to Jersey but knew the family as an acquaintance. He lived at 702 SE A Street, next door to the home where the 6-year-old lived.
In a press conference, Police Chief Jon Simpson said Holly is currently in jail and awaiting a Wednesday bond hearing.
Police said no additional arrests are expected.
An affidavit for probable cause will be released on Wednesday. Police said much more information about the investigation will be revealed in this document.
Following the arrest announcement, the Jersey Dianne Bridgeman - Sharing Our Love Facebook page posted a statement from the child's mom, DeseRea:
"This is Jersey Bridgemans Mom, Thanks to the hard working detectives that put a lot of time and effort to catching the killer of my daughter. She will be in my thoughts, prayers, and memories always. My daughter is one of the lights in my life. Though her spirit may have passed and moved on her light will always burn brig
Jersey Bridgeman's time of death ranges between midnight and the time of her discovery Tues morning before 7, according to police.
On Wednesday, the Bentonville Police Chief confirmed that the FBI had joined the investigation into the suspected killing. The department reached out to the federal agency with a formal request earlier in the morning.
Search warrants were executed on three homes on SE A St. Tuesday night.
Police said they took more than 50 pieces of evidence from those homes.
Funeral services are set for Wednesday at Rollins Funeral Home in Rogers.
A high profile abuse case last year resulted in sending 6 year-old Jersey Bridgeman's father and stepmother to prison on charges of false imprisonment, permitting abuse of a minor, and endangering the welfare of a minor.