The arrest was made as part of a police investigation into illegal information gathering, which has so far only involved newspapers.
A Wasps spokeswoman said: “We can confirm that he was arrested on suspicion of computer hacking and that he is now on bail.”
Hayes, 50, was seized in a dawn raid on his Hertfordshire farm, while another man was held in Surry.
A Scotland Yard statement said: “On 24 February 2012, officers from Operation Tuleta arrested a man at his home in Hertfordshire, and a man at an address in Surrey, on suspicion of offences under the Computer Misuse Act 1990 and the Regulation of Investigatory Powers Act (RIPA) 2000.”
He was arrested by detectives from Operation Tuleta, an offshoot of the force’s Weeting investigation into illegal practise News International.
Police said the arrest of Hayes is not linked to any news organisation or journalists.
The businessman, who made his fortune through an internet loans company is on bail until June.