Hawthorn recruit Tyrone Vickery and former Richmond hardman Jake King have been arrested for alleged extortion and threats.
It is understood police are investigating allegations Vickery used King to intervene in a business dispute.
Vickery, 27, believed a partner in his Hawthorn East Italian restaurant, Fat Monkey, stole as much as $100,000.
He raised his concerns with police, but when he was dissatisfied with the response, it is alleged he enlisted King, 33, to recover the funds.