The arrest of Hayes, 50, was carried out as part of Operation Tuleta, a strand of London police's investigation into illegal information-gathering which has so far only involved newspapers.
"I can confirm he was arrested in connection with computer hacking," said a Wasps spokeswoman. She declined to comment further because of the continuing police investigation.
Hayes was seized in a dawn raid at his farm in Hertfordshire, north of London, according to the London Evening Standard newspaper. Another man was held in Surrey at the same time.
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 2000.
"These arrests are not directly linked to any news organisation or the activities of journalists. They were taken to London police stations and later bailed to return in June and July 2012 pending further enquiries."
Hayes bought London Wasps in 2008, the year that former England captain Lawrence Dallaglio led the team to victory in the Premiership final at Twickenham.
Wasps have been battling relegation this season and last October, Hayes put the club up for sale.
Operation Tuleta is one of three investigations set up by police probing phone-hacking at Rupert Murdoch's defunct News of the World tabloid and other related alleged corruption by journalists.
More than 40 people have been arrested as part of the three probes.