New Zealand-born Hunt, who moved to rugby union from Australian Rules Football and also had a career in rugby league, was allegedly arrested along with another man at 3am on Saturday morning.
The 31-year-old has allegedly been charged with two counts of drug possession and has been issued with a notice to appear in the Brisbane Magistrates Court on January 29.
Rugby Australia released a statement confirming they had been made aware of an incident involving Hunt that led to his arrest by Queensland Police.
The national body said they had commenced an investigation in conjunction with Queensland Rugby.
Hunt's lawyer Adam Magill confirmed the arrest to The Courier Mail.
"At this stage no further instructions have been taken.
"There were two males involved and there has been a subsequent charge of possession. They have been charged conjointly."
Hunt was fined in 2015 after pleading guilty to four counts of cocaine possession, which also led to the Australian Rugby Union issuing him a $33,000 fine and six week suspension.
The punishments came in the wake of Queensland Crime and Corruption Commission investigation into a cocaine trafficking ring in the state.
Hunt played 125 games for the Brisbane Broncos, 11 for Australia and 10 for Queensland in rugby league, before switching to AFL where he played 44 games for the Gold Coast Suns.
He made the permanent switch to rugby union in 2015, joining the Queensland Reds.
Hunt made his debut for the Wallabies this year, has six test caps and last month signed a two-year contract extension with Rugby Australia.