The two men, who were later bailed, were the News of the World's former Ireland editor, Alex Marunchak, and private investigator Jonathan Rees, sources told the BBC.
They were arrested on Tuesday at their homes by officers investigating criminal breaches of privacy, as part of probes relating to phone hacking.
The Met did not confirm their names.
Police said they were arrested on suspicion of offences under Section 3 of the Computer Misuse Act 1990 and Sections 1 and 2 of the Regulation of Investigatory Powers Act 2000.
Both arrests were made shortly before 07:00 BST and searches were carried out at the properties, police said.
The 58-year-old, understood to be Mr Rees, was arrested in Surrey and was interviewed at a police station in south London. He was bailed on Tuesday night to return to a south London police station later this week.
The 61-year-old, understood to be Mr Marunchak, was arrested in Kent and was interviewed at a Kent police station. He was also bailed to return to a central London police station in mid-February.
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M.Kalaivani
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