The Canadian billionaire was taken into custody for questioning but released after being presented to a judge.
According to local media, Mr Laliberte came to the attention of the police after one of his employees was caught selling cannabis.
They reportedly found pictures on his phone showing a secure area on Mr Laliberte's Nukutepipi atoll where the drug was grown.
In a statement yesterday, Mr Laliberte's company said he used cannabis for medical reasons but did not disclose the condition from which he suffers.
