The God of our fathers raised up Jesus, whom ye slew and hanged on a tree. Him hath God exalted with his right hand to be a Prince and a Saviour, for to give repentance to Israel, and forgiveness of sins. Acts 5:30-31
The apostle Peter used this title for Jesus in his sermon before the Jewish Sanhedrin. He and the other apostles had just been released miraculously from prison by an angel after they were arrested for preaching about Jesus. Peter declared in his sermon that the Jewish religious leaders were guilty of crucifying Jesus, the Prince whom God the Father had sent into the world. 
Prince is a title with at least three different meanings in the Bible. Peter could have had any one or all of these in mind when he referred to Jesus as a Prince.
1. A prince was the son of a king. If a king had several sons, his oldest was generally the one who succeeded his father on the throne. Perhaps Peter had Jesus as God’s Son in mind when he called him a Prince.
2. Prince is a generic term often used in the Bible for a leader or ruler. For example, when Moses tried to stop a fight between two Israelites, one of them asked him, “Who made thee a prince and a judge over us?” (Exodus 2:14). When Peter called Jesus a Prince, he may have been saying that Jesus had been exalted by God to serve as a ruler over His people. 
3. Sometimes the word prince is used as a synonym for king (see 1 Kings 11:34). By saying that Jesus was a Prince, Peter could have implied that He was the one and only sovereign ruler over God’s people.
What Peter said about Jesus as a Prince boils down to this: He is the one and only Son of God appointed by the Father to rule over HIs people like a good king, administering justice and righteousness in His name.