Property developer Terry Serepisos has been arrested at Wellington Airport.

The bankrupt businessman was met by airport police when he arrived on an international flight last night, and arrested at the behest of Inland Revenue.

A police spokesman says Serepisos was taken to the Wellington Central Police station and freed on bail to appear in court this morning.

Serepisos was declared bankrupt in 2011, owing more than 200 million dollars.