Vingirai skipped the country alongside a number of bankers after they were accused of externalising foreign currency and has been in self imposed exile since then.
He is accused of stealing $5.21 billion in local currency of company funds, which he converted into South African rand and US dollars, which he deposited in overseas bank accounts.
According to the Focus Taiwan News Channel, Vingirai was arrested while having breakfast at a Taipei hotel by local detectives.
This reportedly followed a tip off from a source who told Taiwan’s Criminal Investigations Bureau (CIB) that Vingirai will be visiting Taiwan from Singapore.
He told the detectives that he was on a business trip, looking for potential investors.
Vingirai was sent to the Taiwan national immigration agency, which is now arranging his deportation to Zimbabwe, the reports said.
The CIB reportedly informed Interpol about his arrest and the international police organisation confirmed his identity.
Vingirai is one the few bankers who remain specified after government lifted the restrictions on other in 2009.