Vorayuth Yoovidhya is accused of knocking down and killing a policeman while speeding in Bangkok in 2012.
He has repeatedly failed to meet police to face charges, which include reckless driving causing death.
The closely watched case has fuelled criticism that Thailand‘s elite enjoy special treatment by the authorities.
Vorayuth Yoovidhya is the grandson of Chaleo Yoovidhya, who co-founded the Red Bull empire with Austrian Dietrich Mateschitz.
He was first arrested shortly after the incident and later let go.
Vorayuth Yoovidhya was subsequently summoned repeatedly to face charges, but each time his lawyers said he was unable to do so, citing overseas work commitments and illness. A charge for speeding has since expired.
Thai prosecutors asked police to request the arrest warrant after Vorayuth Yoovidhya failed to meet another deadline on April 27.
If found guilty of reckless driving causing death – a charge which expires in 2027 – Vorayuth Yoovidhya could be jailed for up to 10 years.
Many Thais have questioned why the police have not tried to arrest Vorayuth Yoovidhya before now to face charges.
Before the arrest warrant was issued, the office of the attorney-general said it would explore applying for extradition of Vorayuth Yoovidhya, who it said was recently seen in London, if a warrant was issued.
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