Chiranjivi Pun, a 12th grader at Rastiya High School was arrested with the huge cache of the precious metal.
The gold fetches around Rs4.62 million in the domestic market.
Masterminds behind the haul have been nabbed in Kathmandu on Tuesday.
SP Hari Bahadur Pal said Pun stole the fortune from the Newroad-based Laxmi Ornament shop on December 27. Investigation into the incident states that thieves stole the key of the shop and made off with the gold ornaments.
Related story
Nepal records 6,462 cases on Friday, 3,791 in Valley alone
