The club professional at Lyneham Golf Course Richard Jefferies and his assistant Simon Jackson have both been sacked after being arrested by Witney Police on suspicion of theft.
The 700 members of the club were told of the dismissals in a letter from the directors of the club near Milton-under-Wychwood.
One of the directors, Neil Biggs, said: "This is an internal matter. We regret the two men have been dismissed from the club.
"The directors remain absolutely committed to the future of the club and its membership."
A spokesman for Witney Police, David Campbell, said police were investigating an allegation of theft of money from Lyneham Golf Course and had arrested two men.
They had been bailed to return for further questioning on April 24.
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