Police family liaison officers met with Jacob's family this evening to tell them of the arrest.
"They are very relieved at the news and have expressed their thanks to everyone who has worked on the investigation," a police spokeswoman said.
"They also wish to express their gratefulness and thanks to the people who called police with information."
Pakura would have started as a Year 13 student in a few weeks. Instead, friends and teachers are preparing for his funeral.
His heartbroken family yesterday made an impassioned plea for the driver to give him or herself up.
Jacobs' mother, Esther Pakura, said the person who hit her son didn't know how much of an awesome person he was.
"Jacob loved life. He loved life and he took every opportunity that he got.
"He loved his skateboard. He had lots of friends and was very charismatic. He got along with everyone.
"Why couldn't you stop? That was our baby."
Jacob's sister, Jasmin Pakura said: "When you hit him, you didn't just hit Jacob. You hit his whole family. You took away everything.
"You took away his future, you took away memories. You took away everything that this boy loved."
It has been revealed that Jacob had a hearing impairment.
Inspector Trevor Beggs said Jacob had terrible injuries to his entire body and the driver would know without doubt that somebody had been hit.
