Erian, the deputy leader of the Brotherhood's Freedom and Justice party, was taken into custody from a residence in New Cairo where he had been in hiding, the source said on Wednesday.
"Yes, he's been arrested and details will soon be released," the source added.
The state news agency MENA said Erian was arrested in New Cairo but gave no further details.
Local media circulated a photo of what they described as the moment he was arrested, showing a smiling Erian standing next to a bed with two packed duffle bags.
Egypt has been experiencing unrelenting violence since July, when the army ousted President Mohammad Morsi, suspended the constitution, and dissolved the parliament. It also appointed the head of the Supreme Constitutional Court, Adly Mahmoud Mansour, as the new interim president.
The government of Mansour has launched a bloody crackdown on Morsi supporters and arrested thousands of Brotherhood members, including the party’s leader, Mohamed Badie, who was detained on August 20.
At least 1,000 people, including security forces, died in the violence that followed Morsi's ouster. Hundreds of his supporters were killed when police forces stormed two protest camps, calling for Morsi's reinstatement, on August 14.
An Egyptian court in September banned the Muslim Brotherhood group and seized their funds in a bid to crush the movement, which the government accuses of inciting violence and terrorism.
NTJ/BA