The decision was taken after the ICC received information from a British tabloid on the scoring pattern in the match, ICC Chief Executive Haroon Lorgat said in a statement.
"We therefore feel it is incumbent upon us to launch a full enquiry into this particular game although it is worth pointing out at this stage that we are not stating as fact that anything untoward has occurred," Lorgat said.
"Only in the fullness of the investigation can that be established."
Pakistan won the game at the Oval in London by 23 runs.
Incredibly, this comes after three Pakistani stars had already been sent home in disgrace amid claims of match-fixing.
The new investigation will centre on suspicious scoring patterns in Pakistan's innings and on two suspected overs during yesterday's match at The Oval.
Illegal bookies in India and Dubai apparently knew in advance what would happen. The Sun's undercover team was able to pass details to ICC inspectors before the match began.
Cricket chiefs then watched as Pakistan's score mirrored the target that the bookies had been told in advance by a fixer.
It is not thought that the overall result was fixed, only scoring rates in parts of Pakistan's innings.
PCB Chief Ijaz Butt while talking to CNN IBN said that he was not contacted by the ICC with regards to any form of investigations and said this issue was the "imagination" of the newspaper and there is no truth to it.
Series to continue?
The England and Wales Cricket Board (ECB) said it believed the remaining two contests in the five-match one-day series would take place as scheduled.
However the board said in a later statement it would hold a meeting to discuss the allegations as a matter of urgency.
"The ECB is seeking clarification and details from ICC, and the ECB board will meet later today to discuss the matter," a statement said.
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