Masiello is charged with criminal association and fraud.
The arrest comes as the latest development in a criminal probe centered around Bari's last nine matches of the 2010-11 campaign. In addition to Masiello, eight other former Bari players are under investigation.
Bari was relegated at season's end.
The Italian Football Federation (FIGC) released a statement (via the New York Times):
Around one dozen people are under investigation and nine of these are ex players of the red and white team, involved in the alleged fixing of nine matches in last season's Serie A championship.
The other former Bari players being investigated are Alessandro Parisi, Simone Bentivoglio, Marco Rossi, Abdelkader Ghezzal, Marco Esposito, Antonio Bellavista, Nicola Belmonte and Bologna defender Daniele Portanova.
Since the Interior Ministry established a special task force to investigate alleged match-fixing in June, nearly 50 people have been arrested on charges tied to manipulating results in the top two levels of Italian football last season.