The New York Times reported earlier this week that ahead of their match against Lukasz Kubot and Andrea Hlavackova a large amount of money had been backed on Arruabarrena and compatriot David Marrero to lose.
The report claimed the amount wagered was far higher than usual on a first round mixed doubles match with betting firm Pinnacle Sports telling the paper they suspended betting on the match 13 hours before it began.
Kubot and Hlavackova won the match 6-0, 6-3.
"Before cheating I would break my raquet into a thousand pieces with my own hands," Arruabarrena said in a statement.
"I am not a cheat. I have not fixed a game in my life. So, I am here, ready for them to investigate me from top to bottom if it is necessary. I don't have anything to hide."
The Times' report was also contradicted by two major betting companies.
The Sydney Morning Herald said William Hill and Betfair kept betting open for the match and logged no unusual activity.
The allegation came after claims last week that players who had been in the sport's top 50 had repeatedly fallen under suspicion but had never faced action.
In response the tennis authorities announced on Wednesday an independent review into their fight against corruption.
The ATP, WTA, ITF and the heads of all four Grand Slams said the review was aimed at shaking up tennis's opaque anti-corruption body, and called for governments worldwide to make match-fixing a criminal offence.