According to a statement from the Department of Justice, Meng was arrested in Vancouver on Saturday and is being sought for extradition by the United States.
Meng Wanzhou is also a vice-chair on Huawei's board of directors and the daughter of Huawei founder Ren Zhengfei.
We'll update you as this story continues.
According to an official statement from a Canadian Justice Department spokesperson, the USA government is seeking to extradite Meng from Canada to the United States.
The Wall Street Journal reported earlier this year that USA authorities are investigating whether Huawei violated sanctions on Iran.
"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng".
He declined to say more about the case, citing a publication ban requested by Ms Meng and ordered by the courts.
The statement said that Meng was taken into custody when she was transferring flights in Canada.
The arrest comes amid a trade war between the U.S. and China.
"The company believes the Canadian and USA legal systems will ultimately reach a just conclusion".
USA authorities have suspected Huawei's alleged involvement in Iranian sanctions violations since at least 2016, when the US investigated ZTE Corp., Huawei's smaller Chinese rival, over similar violations. "Americans are grateful that our Canadian partners have arrested the Chief Financial Officer of a giant Chinese telecom company for breaking US sanctions against Iran".
In August, U.S. president Donald Trump signed an act to ban the use of Huawei components or services that are "essential" or "critical" to the systems they are used.
According to CNBC, the United Kingdom has also blocked the tech giant from providing key equipment for the development of a 5G network by telecommunications firm BT.
In a brief announcement released today, Canada's Department of Justice has announced that it has arrested the Chief Financial Officer of Huawei, Meng Wanzhou.
Last week, New Zealand's Government Communications Security Bureau (GCSB) rejected a deal for Huawei to provide 5G equipment to Spark.
Britain's BT Group said on Wednesday it was removing Huawei Technologies' equipment from the core of its existing 3G and 4G mobile operations and would not use the Chinese company in central parts of the new network.