The job is an occupation reserved for Thais, police noted.
A Thai woman identified only as ‘Allie’ admitted to letting the man use her bank account when doing business, reported the Bangkok Post.
Pavel Fadeev, 38, was detained at a rented house in Moo 4, Tambon Koh Pha-ngan, Surat Thani, by a team comprising local, provincial and tourist police.
They also impounded 15 motorbikes, 15 crash helmets, 109 spare keys, 51 registration books and 386 rental contracts, according to Pol Maj Charoenchai Boonkliang, provincial inspector of investigation.
An inspection revealed the business made about B3mn profit last year, Pol Maj Charoenchai said.
There were 90 motorbikes on the books for rent, with 75 rented out.
Mr Fadeev admitted to owning the business. He told police he was managing director of Waves Company Ltd, which was headquartered in Muang district of Phuket.
He said he had a work permit as a general manager and moved to Koh Pha-ngan to run the rental business. His customers would contact him via the website www.shlevich.com. The website was "not available" when checked by the Bangkok Post on Tuesday.
He also told police he bought the motorbikes cheap on Facebook from Israelis and Thais, Pol Maj Charoenchai said.
The investigation was continuing.