A 47-year-old man has been taken into custody in relation to an alleged murder at Reedy Marsh.
Tasmania Police confirmed a man had been safely taken into custody near Parkham in the state's North-West on Wednesday afternoon.
He was armed with a large knife at the time, police say.
It comes after an extensive manhunt was launched for a knife-wielding man described as being a danger to the public.
No one was injured during the arrest.
Significant police resources, including specialist and uniform personnel, the Westpac Rescue Helicopter and drones were used in the search.
Acting Commander Stuart Wilkinson thanked the Reedy Marsh and surrounding communities for their patience and understanding during the ongoing search.
"This has been a challenging situation and I'd like to thank the community for their support," he said.
"I'd also like to thank the police who attended and brought about a safe resolution to the matter.
"Our sincere condolences go to the family of the man who died yesterday in the most tragic circumstances."
A triple zero call first led emergency services to a house in Larcombes Road about 6pm on Tuesday, where a 69-year-old man was found with fatal injuries.
The three people that were taken into custody on Tuesday have all now been released without charge.
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