A 32-year-old man is expected to appear at Elgin Sheriff Court today charged with allegedly using counterfeit notes at shops in Forres.
Officers were made aware of three incidents in the High Street yesterday where notes handed over to pay for goods were later established as fakes.
A man from Northern Ireland was traced a short time later and arrested.
PS Chris Harris said: "I would like to thank the business owner who contacted police quickly which allowed us to take quick action."
He added: "Please ensure that all notes are robustly examined to establish their authenticity.
"If you suspect something is not quite right decline it and contact police as soon as possible on 101."