The man was arrested today on suspicion of conspiring to intercept voicemail messages and attempting to pervert the course of justice.
The arrest took place by appointment at a North London police station at around midday, and the man is currently in police custody.
He was arrested by officers from Scotland Yard's Operation Weeting investigation into phone hacking at the News of the World, the Sunday tabloid which shut down in July.
On Tuesday, a 71-year-old man believed to be former News of the World managing editor Stuart Kuttner was rearrested and bailed for the second time as part of the phone hacking investigation.
Kuttner was originally bailed on August 3 after being arrested the previous day on suspicion of conspiring to intercept communications, as well as bribing police officers to leak sensitive information. He has now been bailed to a date in September, the Met Police said.
The arrest of the unnamed 34-year-old is the 15th to be made on suspicion of phone hacking since Operation Weeting was launched in January.