Mark Shurtleff, who served from 2001 to 2013, and John Swallow, who resigned in December after less than a year in office, were arrested at their homes. Both face multiple charges.
Salt Lake County District Attorney Sam Gill said the "investigation remains active" and more charges could be filed.
"This has been a complex, nuanced, multiple investigation," Gill said at a news conference.
Both Swallow and Shurtleff have been targets of federal and state investigations. In June, their homes in Sandy were searched, and search warrant affidavits revealed allegations that Swallow had the use of a Ferrrari belonging to businessman Jeremy Johnson while Shurtleff flew to New York in Johnson's private plane.
Johnson, who lives in St. George, Utah, and founded I Works, now faces federal mail fraud charges.
Shurtleff, the first Utah attorney general to be elected to a third term, joined the Washington law firm Troutman Sanders in January 2013. He resigned in June 2013.
Swallow served as chief deputy attorney general in charge of civil litigation for several years under Shurtleff.