The Italian football federation said the former Bari defender confessed to scoring an own goal in a game against Lecce last season on purpose.
Eight of his former Bari team-mates are also under investigation.
The club's sporting director, Guido Angelozzi told SkyTG24 television "we thought it was a normal match. The club is a damaged party in this".
Investigators are examining nine matches in the Serie A championship, with the suspicion that a total of five were manipulated during the 2010-2011 season.
Police said two of Masiello's friends who bet on match results have also been arrested.
Watch from YouTube: Andrea Masiello *match fixed* own goal Bari-Lecce 0-2