Operation Ultimatum has been ongoing across South Yorkshire, Lincolnshire, Nottinghamshire and the West Midlands.
Thefts have hit line side locations and depots in the regions.
British Transport Police raided 12 addresses including houses and scrap metal dealers across South Yorkshire
Ten people were arrested and are currently being held in custody where they will be interviewed by detectives
Three of the arrested men ran scrap metal dealers in the county.
A number of vehicles were seized and stolen scrap metal and large amounts of cash was discovered at two of the premises searched.
Over 100 officers from across BTP were involved in the operation including specialist officers from the force’s high tech crime unit. Cash search dogs were also used as part of the operation.
Detective Chief Inspector Glen Alderson from BTP said: “The arrests made this morning as part of Operation Ultimatum, are the result of a 6 month investigation into the theft of £2million of rail track by an organised crime group from 44 line side locations and depots in South Yorkshire, Lincolnshire, Nottinghamshire and Birmingham.
“Our investigations are ongoing and I would ask anyone with any information to contact us on 0800 405040 or text 61016 in strict confidence.”