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The child's mother was also killed in the accident that occurred at Tangukudi around 5 pm.
Police registered a case of attempted murder against Ratheesh.
The funeral of Rahees will be held on Friday at the Thazhe Angadi Juma Masjid.
The deceased Safvan, a native of Iyyangode in Kozhikode's Nadapuram, was an employee at an IT firm.
The two deceased are identified as Andhra Pradesh natives.
Vishnu, a victim of a bike accident in Kozhikode, even as locals had mobilised a medical aid committee for his treatment, was declared brain dead.
The deceased was identified as 65-year-old Thulasidharan Pillai.
A child was among those killed in the accident on Monday night.
The youngsters were bathing a pond in an abandoned granite quarry.
The fishing boat overturned after encountering a fierce current in the estuary.