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Prosecutors said they are investigating the disappearance of around $600,000 (£430,000) from church accounts.
Police say they expect to make more arrests.
The investigation by prosecutors and police started in 2015, following complaints by parishioners a year after José Ronaldo was appointed as bishop of Formosa.
According to prosecutors, the money came from church collections boxes, donations, wedding and baptism fees.
They said a number of church buildings, priest residences and a monastery had been searched.
In a local media interview two years ago, Bishop José Ronaldo denied any wrong-doing, saying the money collected from parishes is used to pay for the maintenance of priest’s residences, seminaries and other church buildings and assets.