An Interior Ministry statement carried by state media said Mansur bin Muhammad Ahmad Faqih, who was on a list of 26 wanted armed dissidents, surrendered to authorities and was later visited by his family.
Saudi Arabia has promised to strike with an "iron fist" against those behind bombings that killed more than 50 people, including nine Americans, in May and November.
But Riyadh has pledged that fighters who surrender could expect better treatment in court.
In recent weeks the Saudi monarchy has made great play by showing dissident leaders recanting their deviant religious views on television and encouraging their followers to do likewise.
Faqih's surrender came a day after a small bomb exploded in Riyadh in a parked car, in what security sources said appeared to be an assassination attempt on a security forces officer.
Saudi Arabia named 26 suspects earlier this month it said were wanted in connection with "terrorism" in the kingdom and offered rewards of up to $1.9 million to anyone who helped police arrest them or thwart an attack.
State television has repeatedly shown pictures of the suspects who include 23 Saudis, two Moroccans and a Yemeni.
Security forces killed one of the 26 in a shootout this month. Police said a tip-off had been received for which a reward was paid.
Security official confirmation
Saudi officials also disclosed on Wednesday that a leading counter terrorism official was slightly wounded in an assassination attempt earlier this month.
November's attack in Riyadh killed
Aljazeera.net exclusively revealed on 9 December that Abd al-Aziz Al-Huwairini had come under attack after assailants opened fire on his car.
The shooting was not acknowledged by Saudi officials, but a previously unknown group known as the Brigade of the Two Holy Mosques had claimed responsibility for the attack.
Saudi Arabia has been waging a campaign against suspected insurgents, resulting in the arrests of hundreds of individuals.