The 28-year-old full-back was arrested by City of London police on suspicion of conspiracy to defraud and bailed until October.
The City of London police are carrying out an investigation into corruption in football that is separate to the inquiry by Lord Stevens' firm Quest.
Chimbonda was the second person to be arrested by the force's investigation team - a 61-year-old man was arrested in Manchester in March on suspicion of money laundering.
Deals involving Chimbonda's agent Willie McKay are also reported to be under investigation by officers but he has insisted repeatedly that he has done nothing wrong.
He said: "I think you will find that it is all a load of rubbish."
Stevens' firm Quest have carried out a lengthy investigation into Premier League transfers and the Football Association are still to decide whether any clubs or individuals will face disciplinary action for breaching regulations.