The actor was arrested Tuesday night following a complaint lodged by Zia's employers.
Prothom Alo Manager (Security) Retd Major Sajjad Ul Kabir lodged the complaint on behalf of his organisation with the Kalabagan police.
The actor was arrested immediately afterwards, DMP Deputy Commissioner Maruf Hossain Sardar said.
Zia was hit by a car on the midnight of Monday. He was at first admitted to the Dhaka Medical College Hospital and later shifted to Apollo Hospital, Dhaka on Tuesday.
He is said to have suffered major injuries in his head, ribs and right leg and is reportedly unconscious.
Kalyan was already at the police station, having been summoned for questioning in connection with the incident.
'I am innocent'
Earlier, in the evening, Kalyan posted a status on his Facebook page that read, "I am innocent."
When asked why he wrote that, he told bdnews24.com, "Brother, I am in deep trouble. Will speak later. I have no permission to speak."
When Zia was rushed to the Dhaka Medical College Hospital at first on Monday night, the actor, too, reached the hospital about the same time.
Kalyan maintains that he had rushed to the hospital to have his victim admitted.
He claimed his car was also involved in a road accident, but that took place at Tejgaon.
He explained his visit to the hospital saying that he had gone there to admit his victim.
"I had gone with my patient, they had gone with theirs."
Deputy Commissioner Maruf Sardar said police are examining the statement of the actor.
He told bdnews24.com, "Kalyan Corraya is not owning up to it. He says his car met with an accident in Tejgaon area. The matter will be investigated into."
Asked if Kalyan Corraya was involved in the accident, the OC said he is in the jail and police would speak to all sides, including the victim's.
Prothom Alo crime correspondent Komol Zoha Khan said Zia's right leg was broken, the ribs and head have sustained injury,
He said, she had not regained consciousness after Monday night.