The court in the financial capital Mumbai granted the non-bailable warrant after ex-Indian Premier League (IPL) chairman Modi failed to answer a summons ordering his return from London to face corruption allegations.
Lalit Modi
A senior Enforcement Directorate officer confirmed to AFP via text message that the warrant for Modi's arrest had been issued by the court, which hears money laundering cases.
"Yes, we have received the warrant for Lalit Modi's arrest," the official from India's financial crimes investigating agency, said on condition of anonymity.
Former New Zealand cricketer Chris Cairns famously sued Modi in 2012 over claims he was involved in match-fixing.
Cairns was later charged with perjury over the 2012 libel action, accused of lying during his written testimony when he said he had "never, ever cheated at cricket".
Modi also issued legal proceedings against Cairns to claw back $4.9 million in damages and costs.
Cairns failed to show up late last month for a London court pre-trial hearing for the perjury trial. He has pleaded not guilty to the charge.
A four-week trial is scheduled to begin on October 5 this year after being delayed to allow testimony from key witnesses who are available only during down time in the international cricket calendar.
Modi was instrumental in founding and overseeing the money-spinning Twenty20 IPL in 2008 before fleeing to London two years later when tax and financial crime authorities raided his premises.
Enforcement Directorate officers now want to speak to him in connection with allegations that proceeds from the TV deal were funnelled to unauthorised beneficiaries in Singapore and Mauritius.
The Multi Screen Media (MSM) of Sony Entertainment paid a facilitation fee of 4.25 billion rupees ($A90.8 million) to the Mauritius arm of World Sports Group (WSG) as part of a contract for taking over IPL broadcast rights.
The Enforcement Directorate is probing if part of this fee was allegedly siphoned off to unknown individuals, at the behest of Modi who was then IPL chairman.
Modi has more recently been embroiled in controversy with Foreign Minister Sushma Swaraj who is under pressure to resign over her role in helping him gain a passport in Britain.
Modi was removed as chairman in 2010 and later banned for life from holding any positions in the sport by the powerful Board of Control for Cricket in India (BCCI).
Modi has consistently denied all accusations against him.
Since its launch, the IPL has been mired in a series of corruption and betting scandals in cricket-loving India.
Last month, a Supreme Court-appointed panel suspended two of the IPL's eight teams after officials were found guilty of illegally betting on matches.
Former New Zealand cricketers Shane Bond and Andre Adams are among those slated to testify in the Cairns perjury case, with lawyers confirming in July that they would appear via video link from the United States and New Zealand respectively.
Current Black Caps captain Brendon McCullum could also be among the witnesses called, after previously saying he would testify against Cairns.
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