DACCA, Pakistan, March 21— West Pakistan's dominant political leader, Zulfikar All Bhutto, the last awaited participant in the talks here over East Pakistan's demands for self rule, arrived in Dacca today under heavy military guard. Hostile crowds of East Pakistanis waved fists and shouted, “Murderer Bhutto, go home!”

A few hours after his arrival, Mr. Bhutto, a former Foreign Minister, had a meeting with President Agha Mohammad Yahya Khan, but details of the discussions were not disclosed.

The leader of East Pakistan, Sheik Mujibur Rahman, also held an unscheduled meeting with President Yahya, as a resolution of the crisis between the country's eastern and western wings appeared to be nearing. Sheik Mujib is scheduled to meet with the President again tomorrow.

Many knowledgeable observers now believe that a temporary solution will emerge from the talks, in which interim civilian governments will be set up in the country's five provinces—East Pakistan plus the four provinces of West Pakistan — until the recently elected National Assembly can draft a new constitutional structure for the nation.

Since East Pakistan has a clear majority in the assembly, such a constitution, it is believed, would grant East Pakistan the full program demanded by Sheik Mujib and his party, the Awami League.

This program would give East Pakistan broad control over its own affairs; it would be linked to the western wing, which is separated from the east by 1,000 miles of Indian territory, only by a weak central government with limited powers restricted to defense and some foreign policy matters.

Sheik Mujib has told confidants that he now expects to get more than the program he originally laid down. He recently issued some new demands to the central Government in West Pakistan, including the lifting of martial law, which has been in effect for two years, and the transfer of power to “peoples representatives,” that is, the elected members of the assembly.

Yet the belief is Widespread here that the East Pakistanis' grievances over their long, domination by the western region are so deep that no matter what compromise may be worked out now, it will break down before long and the next push will be for complete independence.

Mr. Bhutto, the leader of the Pakistan Peoples' party, has be come a prime target for the East Pakistani discontent. The Bengali population here largely blames him for the present trouble.

The crisis began on March 1 when President Yahya—under pressure from Mr. Bhutto and also from military and business interests that do not want to lose their hold on the East— postponed the National Assembly session that had been scheduled to open in Dacca on March 3.

In the protest demonstrations that followed in East Pakistan, West Pakistani troops killed many civilians. Since then the Bengalis have defied the martial law regime imposed here by the, central Government, and Sheik Mujib and his party have taken de facto control of the province, calling it Bangla Desh, the Bengal Nation.

The Bengalis have a new flag of their own, which they plan to unveil in great numbers on Tuesday, Pakistan Day, when countless Bangla Desh demonstrations are planned. The flag has a forest green background with a red circle in the middle; on the circle is a map of East Pakistan in gold.

President Yahya has scheduled a speech for Tuesday, and some observers think he will use it to announce an agreement. Thursday is the new date he has set for the opening of the National Assembly and it is assumed he would prefer not to postpone it again.

Except for Mr. Bhutto, who appeared to be using delaying tactics, all the major political leaders in West Pakistan flew to the East last week to hold talks separately with Sheik Mu jib and the President.

When Mr. Bhutto — whose party has 81 seats in the National Assembly compared with the Awami League's majority strength of 160—flew into the East Pakistani capital this afternoon with a large entourage, the military forces gave him heavy protection.

As he and his troop escort drove into town from the air port, Bengalis along the route jeered and cursed him. When he reached the Hotel Intercontinental, where he is staying, another hostile crowd tried to swarm around him. Soldiers with automatic weapons and a civilian bodyguard with a sub machine gun forced a path through the hotel lobby to the elevator, as the Bengalis glared hatred at him and screamed, “Get out of Bangla Desh!” and “Joi Bangla!” or “Victory for Bengal!”