Scotland international Marc McNulty has been arrested as part of a gambling in sport probe.
Officers from Police Scotland swooped on homes in Edinburgh and the Forth Valley last week.
Former Hibs and Livingston striker McNulty and a 21-year-old have been released pending further enquiries.
The investigation is believed to include allegations of match-fixing in football.
The identity of the 21-year-old man is not currently known.
Edinburgh-born McNulty came through the youth ranks at Celtic, Hibs and Livingston before making more than 100 senior appearances for the West Lothian club.
His performances earned him a move down south and two Scotland caps.
Currently on the books of Reading, he spent part of last season on loan at boyhood heroes Hibs.
A Police Scotland spokeswoman said: "Police Scotland is investigating reported incidents relating to gambling in sport.
"As part of the ongoing enquiry officers searched a number of properties in the Edinburgh and Forth Valley areas on Wednesday, 23 September 2020.
"Two men, aged 21 and 28, have been arrested and released pending further enquiries.”
Reading Football Club has been contacted for comment.
