The arrested accused, Chandra Tripathi, was returning from a trip to Thailand and was seated next to the woman.
When the lights of the aircraft went dim, he touched the complainant inappropriately after which she raised alarm.
Woman molested on Bangkok-Mumbai flight
He was arrested on reaching Mumbai
"On reaching Mumbai, the security staff at the airport was alerted and the CISF personnel brought him to the Sahar police station after which he was arrested by the police under Section 354 of the IPC,'' said a police official.
Further information about the case
The police said that the accused, who is a top official in a book publishing firm, was on a vacation to Bangkok.
He was produced before the court on Tuesday and was sent to judicial custody.
This incident comes a week after a 28-year-old passenger was accused of allegedly harassing a 20-year-old air hostess in Mumbai-Bangalore flight by touching her inappropriately during take off.