Swan has a prior criminal history, having been previously arrested by the Chicago Police Department nine times on a variety of offenses including armed robbery, illegal gun charges and narcotics possession, authorities said.
At a press conference Saturday afternoon, Chicago Police Commander Brendan Deenihan said the investigation is ongoing and authorities are searching for more suspects.
Video of the tragic incident was streamed live on Facebook, police said. The little boy was riding in a car with his uncle down an alley in the city's North Lawndale neighborhood when they were each shot in the head on Tuesday. The two were pronounced dead at local hospitals, according to police.
White is one of three children who died in Chicago this week after being shot.
Police said the violence was gang-related and they believe Collins was the intended target of the shooting which stemmed from a dispute between him and a group of individuals.
Authorities said the uncle was a gang member with a criminal history. According to the Illinois Department of Corrections, Collins was convicted of felony charges of burglary and armed robbery and was released on parole last June.
ABC News' Andrew Fies, William Gretsky, Julia Jacobo, Alex Perez and Emma Sugar contributed to this report. The Associated Press also contributed to this report