Ruling Saenuri Party Lawmaker Song Kwang-ho stands to be the fourth sitting lawmaker arrested during the 19th National Assembly as he was stripped of that immunity.
Among the 223 Assemblymen who were present at the plenary floor only 73 were in favor of passing the arrest motion.
The arrest motion for Song was not passed.
Song is alleged to have taken some 63-thousand U.S. dollars in bribes in 2012 from local railway supplier AVT in exchange for business favors.
At the time, the four-term lawmaker was the chairman of the parliamentary land and maritime committee, which oversees the Korea Rail Network Authority.
By law, Korean lawmakers are immune from arrest during parliamentary sessions but with the motion passed a judge will ultimately decide on whether to issue an arrest warrant.
The move comes as part of an anti-corruption campaign led by the prosecution.
The ruling Saneuri Party has been consistent over the past few weeks in saying that the party would not protect Song, and bring the arrest motion to the plenary floor.
Regarding the hundreds of pending bills related to stimulating the economy, they went untouched during Wednesday's plenary session, as the rival parties continued their discord over the special Sewol-ho ferry bill.
Ji Myung-kil, Arirang News."