According to the Commission, the suspects were arrested at Liberty Estate, Laderin area of Abeokuta, the Ogun State capital in an early morning sting operation.
A statement released by the Commission said the suspects ranging between the ages of 15 and 39 years, were taken by surprise when EFCC operatives swooped on them at one of their havens in the estate.
Fourteen of them claimed to be undergraduates, while 18 others said they are self-employed in various vocations.
The EFCC said their arrest was sequel to a petition detailing their alleged fraudulent activities, including internet fraud through which they obtain illicit funds from unsuspecting victims.
Items recovered from them include six exotic cars, laptops, mobile phones, several documents containing false pretences and fetish objects.
The suspects are already helping operatives of the Commission with useful information.
They will be charged to court as soon as investigations are concluded.