Four men aged between 49 and 64 and a 60-year-old woman have been arrested on suspicion of a range of non-recent child sexual exploitation offences.
All five have been released on bail pending further enquiries.
The arrests relate to offences committed in the South Manchester area in the late 1980s and early 1990s against two female teenage victims.
Detective Inspector John Robb of GMP’s City of Manchester CID said: “This has been a complex and lengthy investigation and I commend the courage and strength that the victims have shown as the investigation has progressed. Their bravery and support has been instrumental in allowing us to conduct these warrants and ultimately secure these arrests.
“GMP takes reports of child sexual exploitation incredibly seriously and the action taken this week is a significant step in ensuring we tackle the issue of CSE across South Manchester and bring those responsible to justice.
“Although we have made these arrests our investigation will remain very much ongoing and I would encourage anyone who may have information or concerns to get in touch with police as a matter of urgency. All information passed to us will be treated with the utmost respect and confidence.”