More than 90 officers from the British Transport Police swooped on addresses in Grantham, Newark, Doncaster, Lincoln and Wellingborough.
Detailed house searches led to a number of items being seized including cutting tools, mobile phones, computer and laptops, receipts and bank statements.
All ten men are currently being questioned in police custody.
Detective Inspector Stuart Mellish said: “These arrests follow a complex seven-month investigation by officers from Operation Leopard, our team of officers dedicated to tackling cable theft.
“We believe this organised gang have been working together to steal cable, valued in the region of over £1.2 million, from across England over a one year period.
“We’re also arresting more and more thieves and putting them before the courts. However, we’re not complacent and, as today’s operation shows, our work to tackle these suspected thieves will continue.”