Lulzsec has claimed responsibility for several high profile cyber-attacks, including against Sony Pictures and the CIA.
It emerged as a splinter-group of hacking collective Anonymous in 2011.
In the statement, the Australian Federal Police said that the arrested man was an IT professional who used his position in an IT company to access sensitive information from clients, including government agencies.
He has been charged with two counts of unauthorised modification of data to cause impairment, and one count of unauthorised access to restricted data. He faces a maximum of 12 years in jail.
"Those thinking of engaging in such activities should be warned that hacking, creating or propagating malicious viruses or participating in Distributed Denial of Service (DDoS) attacks are not harmless fun," Cyber Crimes Commander Glen McEwen said.