According to The Times of Israel, officers discovered the victim "stretched out in a house with a lot of blood surrounding him," Moriah Station chief Cdr. Yuval Reuven said.
The body was recovered from an apartment in Jerusalem's Katamon neighbourhood.
Police have arrested a 31-year-old man from Eilat on suspicion of involvement in the killing.
The suspect has been taken into custody for questioning, the report said.
Authorities have not disclosed whether the victim and the suspect were known to each other or if there was any prior connection between them.
The exact cause of death has not yet been determined, and the investigation is ongoing.