The arrest was made by the National High Tech Crime Unit, which in statement said that Stanford was charged with George Liddell.
The men have been charged in connection with intercepting emails of John Porter, who resigned as chairman of internet company Redbus last year.
Porter is the son of Tesco heiress and former politician Dame Shirley Porter, who was involved in the "homes for votes" scandal of the 1980s.
The intercepted emails are reported to refer to millions of pounds that were lost during he scandal.Stanford and Liddell could be jailed for up to two years or face fines. The hearing will occur at Bow Street Magistrates Court on March 2.