Convicted conman Peter Foster has been arrested on the Gold Coast over his alleged involvement with a controversial weight-loss spray business.

Police detained the 49-year-old on Friday on a warrant issued by the Federal Court.

He is being held in the Southport watch-house and is expected to face court on Saturday.

Earlier this year the Australian Competition and Consumer Commission (ACCC) began legal action against SensaSlim Australia, Foster and other company officers over alleged misleading and deceptive conduct and false claims about the spray.

The consumer watchdog alleges Foster's involvement in the SensaSlim business, which is now in liquidation, was not disclosed.

It also alleges false claims were made about SensaSlim being the subject of a large worldwide clinical trial when no such trial was conducted.

ABC/AAP