Amir Wolf, 47, was shot while getting out of his Range Rover in the driveway of his home on the 4900 block of Rupert Avenue.
His two young children were in the vehicle but were not hurt.
Police say Wolf was shot four times in the chest, ambush style, and was taken to a hospital in critical condition.
Since the incident, new evidence has led officers to Wolf's brother-in-law, identified as 53-year-old David Nahman.
Investigators believe the motive was in connection to an ongoing jewelry theft investigation being conducted by the Beverly Hills Police Department.
Nahman is scheduled to be arraigned on attempted murder and witness intimidation charges Monday.
The investigation is ongoing. Anyone with information regarding the crime was encouraged to contact West Valley Homicide at (818) 374-7720.
CNS contributed to this report.