The suspects whose ages range from 18 to 22 years old live in Princes Town and its surrounding communities.
A file has since been sent to the Director of Public Prosecutions for further instruction.
Prince was killed last week by men who boarded the PH taxi he was traveling on.
The 22 year old had picked up an unknown sum of money hours before his death.
His body was found by police officers who were on mobile patrol.
Prince’s throat was slit and he was chopped several times.