Clive GoodmanCredit: Steve Parsons/PA
This is the second arrest today following that of former News of the World editor Andy Coulson in relation to allegations of corruption and phone hacking.
Today's arrests follow a week of controversy, including allegations that the phone of murdered schoolgirl Milly Dowler was hacked while she was missing in 2002 and that private investigators were paid to access the voicemails of the families of 7/7 bombings victims.
Yesterday News International announced it would be closing the News of the World after a final edition this weekend.
According to Scotland Yard the latest arrest was made by officers from both Operation Weeting, which is investigating phone hacking allegations, and Operation Elveden which is investigating alleged "inappropriate payments" to police under the supervision of the Independent Police Complaints Commission.
They confirmed that a 53-year-old man had been arrested on suspicion of corruption allegations and was currently in custody in a South London police station. He has been widely identified as Goodman by the press.
A search at the residential address in Surrey, at which he was arrested, is said to be ongoing.