The 32-year-old has been taken into custody as part of an operation by the National Crime Agency (NCA) looking into allegations of illegal activity around matches in the UK.
A statement released on Blackburn's official website read: "Following reports in today's national media, Blackburn Rovers can confirm that striker DJ Campbell has been arrested.
"The club will be making no further comment on what is now an ongoing legal matter."
Campbell - who has played for a host of English clubs, including Birmingham City, Brentford, Leicester City and QPR - has not been charged but is helping police with their inquiries.
The news comes after the NCA launched a second match-fixing probe on Sunday following information passed to them by a national newspaper, who claimed to have evidence of a player willing to arrange a yellow card in a Championship fixture in return for money.
‘Even though it was late in the game, the Arsenal fans started singing my name. It felt like the moment I announced myself as a professional footballer’: Ex-Gunners star recalls scoring first senior goal as a teenager at Highbury
'I started to drive myself crazy': Former Manchester United midfielder explains why it all went wrong for him under Erik ten Hag
