Domenico Trimboli, 58, is suspected of being a leading figure in the 'Ndrangheta criminal network, which is a major player in the international cocaine trafficking business.
Trimboli was arrested in a joint operation by Colombian and Italian police and Italy will request his extradition, Italian media reported.
He will have to serve out a 12-year prison sentence in Italy, the reports said.
Italian Interior Minister Anna Maria Cancellieri thanked the police, saying: "They have managed to bring to justice one of the most dangerous fugitives of the Calabrian 'Ndrangheta".
Trimboli is alleged to be a lynchpin between the Medellin drug cartel and the 'Ndrangheta, which is based in the Calabria region in southern Italy.
Interpol said he was at the centre of large-scale trafficking of cocaine and hashish across Italy.