The man was found with his hands tied behind his back at the apartment in the Sofielund district of the city.
The kidnapped man had minor injuries, and was taken to hospital.
Police acted after they received a tip-off that the 32-year-old had been kidnapped and that the kidnappers had demanded a ransom from a relative.
When police raided the apartment they found one of the suspects in the flat, while the other was on the street outside. The third man and the woman were arrested elsewhere in Malmö. The kidnappers ranged in age from 24 to 49.
Neighbour Emil Kristoffersson followed the drama from his balcony. He told news agency TT that he heard big bangs, which made the building shake. He later saw police remove the suspects from the building, before the kidnapped man limped out to the waiting ambulance.