Chief Constable Sean Price and Deputy Chief Constable Derek Bonnard of Cleveland Police were held in a probe centred on allegations of misconduct, abuse of position and corrupt practice.
They were this afternoon being questioned by officers from Warwickshire police, led by its Chief Constable Keith Bristow.
A third woman, not believed to be a police officer, has also been arrested.
Warwickshire Police said: 'Police officers conducting a criminal investigation into a number of people with current or past associations with Cleveland Police Authority and the manner in which the authority may have conducted some of its business have this morning arrested three people on suspicion of misconduct in a public office, fraud by abuse of position and corrupt practice.
'Two men and a woman were arrested and have been taken to a police station in North Yorkshire where they will be interviewed later today.
'A number of premises are being searched in connection with these arrests. No further information is available at this time.'
Warwickshire Police were brought in to oversee a wide-ranging corruption investigation in May after allegations were made against present and former members of Cleveland Police Authority. Read More