Jim McPherson, 21, faces murder, armed violence, unlawful use of a weapon, and possession of a controlled substance charges. His bail has been set at $3 million.
Police are still questioning a second person implicated in the crime.
McFarlane was killed on the city's Northside while visiting family friends. She was mother to an infant son, and sustained a bullet wound to the head. “I really feel like somebody cut a part of my heart out,” McFarlane's mother said of her death.
It is believed that the teen was not the intended target.
The young mom's sister, Destini, was one of several Chicago students chosen to be on stage with the commander in chief as he spoke about violence all over the country. He made a point to single out the city, after members of the community called for him to return to the city and bring attention to the shootings. According to his speech, 65 young people were killed in the city last year, an equivalent to "Newtown [Connecticut shooting massacre] every month."