Chris Cairns has been charged with Perjury by the London Metropolitan Police Service.
Cairns, who recently arrived in London, attended a North London Police station to receive the charge which carries with it a maximum sentence in the UK of seven years in prison.
Andrew Fitch-Holland, a London Barrister who appeared during the Libel Case in question, has also been charged with one count of perverting the course of Justice.
A 33-year-old woman and a 36-year-old man also arrested as part of the investigation have now been released, with no further action to be taken.
Cairns will appear in a central London magistrates court next week for an initial hearing at which he will confirm his identity and enter a plea of guilty or not guilty. A date for the full hearing, which will be heard in the Courts of Justice in London, will also be set although that is not likely to be until at least May 2015.
Cairns will be able to return to New Zealand after the initial hearing on the proviso he returns to the UK for the full hearing next year.
The risk of him absconding is low as there is a full extradition treaty in place between the New Zealand and the UK. He will also be eligible to claim legal aid in the UK to help him with the costs of fighting the case.
Separately to the criminal charges, Lalit Modi's lawyers have begun civil proceedings against Cairns to recover the £90,000 paid in damages and costs following the libel case in 2012.
Last week, the Herald revealed that the Metropolitan Police investigating the perjury case contacted their New Zealand counterparts about a potential trial witness, Black Caps skipper Brendon McCullum, being undermined by material in the possession of Cairns.