The 32-year-old wrapped up his final dates with the WWE about two weeks ago.
Hardy is best known as the other half of the Hardy Boyz, also known as The Hardys and Team Xtreme.
Jeff and brother, Matt, first began wrestling together in 1993 in North Carolina as a tag team. They wrestled for the WWE from 1998 until 2006 before beginning their solo careers.
Sheriff Lane Carter said the arrest was a result of a joint investigation that included the Fayetteville Police Department.
Officers searched Hardy's home near Cameron, NC and seized the drugs which have an estimated street value of $2,500.
Hardy was placed in the Moore County Detention Center under a $125,000 bond.