Pradeep Parmar and Milind Dhiraj Nandu alias DJ alleged bookies were arrested at 1 am while Tarannum was arrested at 5:45 am, police said.
A case was registered against them by Oshiwara police at 1 am following which they were arrested.
The trio has been booked under the provisions of prevention of Gambling Act, IT Act and IPC.
They will be produced before the court today for remand.
After arresting the trio, police officials said that their involvement in betting has been substantiated and they would press for police custody so that all other angles in the case related to match fixing are probed.
Although police officials refused to comment as to why a stringent IPC provision of criminal conspiracy were invoked, they said the provisions of IT Act has been invoked for the first time as there were grounds to conclude that in IT medium like internet and telecommunication network were allegedly misused for gambling.
Tarannum Khan hit the headlines following an income tax raid that revealed large cash and property investment details.
Police took over the probe after Income Tax men found telephone numbers of bookies and some Sri Lankan cricketer in her mobile that subsequently Tarannum admitted that she was associated with betting business.