Omar Khyami, 40, dated the socialite for over two years, with the relationship ending in 2012 after he allegedly cheated on the star.
But now the businessman has been arrested after Tamara was tipped off by a third party that her jewels were being sold on by Omar.
This theft follows a recent High Court ruling that Tamara could not try to reclaim the £380,000 super car that she had given to Omar as a gift while they were dating.
The judge ruled that the legal proceedings 'caused everyone far more trouble than it is worth.'
A spokesman for the 29-year-old heiress said: ' On Monday June 9 a concerned third party contacted us regarding jewellery purportedly belonging to Ms Ecclestone that was being sold by Omar Khyami.'
'There were sentimental pieces of jewellery, gifted to Tamara by her father. Ms Ecclestone is now assisting police with their inquiries.'
But Mr Khyami says Tamara 'constantly changes her mind on whose it is,' adding that 'it was only a small piece of jewellery, not a watch or anything.'
Speaking after her split from the businessman, Tamara said she felt she's had a 'lucky escape.'
'I don't regret the relationship, I'm the kind of person who wants to fix people sometimes, and that's not really a healthy way to be. People have to want to change for themselves.'
Tamara has had quite a drama-fuelled love life, with another of her former boyfriends being jailed for four years after trying to blackmail her.
She is now married to former city stockbroker Jay Rutland.