Officials posed as tourists, wearing normal clothes, and took photographic evidence of the foreigners working in the wake park.
Mr Lizunov, 47, was charged with hiring foreign staff illegally.
His Russian employees Yulia Solovyeva, 27, and Elena Bonbarnko, 29, as well as another foreign employee Dmitri Li, 27, were arrested for not having work permits.
An officer from the Phuket Provincial Employment Office told The Phuket News, “We checked foreign businesses in Phuket Town and Kathu suspected of operating illegally, and we found this company.
“After we captured video and photographic evidence of the foreigners working at the park, they were arrested and brought to Thung Thong police station.”
The four remain at the police station. If found guilty in the Phuket Provincial Court, they face a maximum potential fine of B100,000 and deportation.
There is also a possibility they will be barred from returning to Thailand.
Attempts to contact Phuket Wake Park this morning were unsuccessful.
Yesterday’s raid was the second one reported this week as officials crack down on foreigners working illegally in Phuket.
On Monday evening (April 29), Kathu police arrested 11 foreigners for working illegally in four nightspots along Bangla Rd in Patong.
The first to be arrested was Alana Jacotima, 32, from Russia, who was caught dancing topless in the Glamour Club. She was found to hold a valid work permit as an actress/dancer, and was fined B500 for taking her top off in public.
The other 10, from Australia, Russia, Britain and Sri Lanka, were all arrested on work permit charges in the remaining three clubs that were raided – Moulin Rouge, Paradise and Seduction.