Rincon, 48, has allegedly been involved in money-laundering and criminal conspiracy relating to drugs, Interpol said.
He has business and property interests in Panama bought in partnership with Colombian drug lord Pablo Rayo Montano, Colombian media reported.
Rincon made his name with America de Cali before spending successful spells in Brazil, Italy and Spain. He represented Colombia at the 1994 World Cup and captained Corinthians to their first World Club Cup title in 2000.
Image: Freddy Rincon
Photograph: Shaun Botterill /Allsport/Getty Images