The Associated Press reports that the painting, "The Boy in the Red Vest," was stolen from a private Swiss museum in 2008, along with three other paintings by Claude Monet, Vincent van Gogh and Edgar Degas.
Zurich prosecutors said three men were arrested in Belgrade in connection with the robbery.
Cezanne's painting was worth 100 million Swiss francs (about $107 million), when it was taken from the EG Buhrle Collection.
Monet's "Poppy Field at Vetheuil" and Van Gogh's "Blooming Chestnut Branches" were found undamaged in a car parked at a mental hospital shortly after the heist.
The fourth, Degas’ "Ludovic Lepic and His Daughter,” has not been recovered. The masterpiece is worth 10 million francs ($11 million).