The article alleges that Moss, who is also the face of Calvin Klein and Christian Dior, was "chopping, snorting and sharing" five lines of cocaine in 40 minutes with her boyfriend Pete Doherty, the former Libertines and now Babyshambles frontman, who is a known heroin addict.
The grainy pictures show the couple hanging out with a group of people in a West London recording studio, where she is photographed cutting and chopping lines of cocaine with a credit card on the back of a plastic CD cover.
Dressed in denim hotpants, knee-high black boots and a black vest top, Moss is shown handing around the white powder and rocking back in her seat "laughing in hysterics" as the effects of the drug sets in.
Following the latest scandal, PR guru Max Clifford has said that he believes leading fashion houses will think twice before employing the supermodel again, saying he believes the 31-year-old is coming to the end of her career.
The investigation will come as a major blow to the model, who in July of this year won substantial libel damages from Trinity Mirror after a Sunday Mirror article alleged she had collapsed into a coma after taking cocaine on a visit to Spain in June 2001.
Miror Group Newspapers accepted that the allegations were false and agreed to pay the model damages. The exact figure is not known.
In a Channel 4 documentary in 1998, Moss admitted that in the past she had problems with drugs, but denied ever taking class A drugs such as cocaine, saying she has been put off by what it does to people.
There has long been speculation about Moss's use of drugs. In 1998, she spent six weeks in celebrity detox clinic The Priory claiming exhaustion.
In April, Doherty tried and failed to stop Channel 4 broadcasting a documentary that showed him smoking heroin. The film was made by documentary film-maker Max Carlish.
Moss, the Croydon-born model who is worth around £30m, has graced the cover of Vogue 10 times. She was recently signed up to guest edit the French issue of Vogue magazine, in an issue that is reported to include a covermount CD featuring Moss singing a duet with Doherty.
According to a report in The Sun, Moss and Doherty have recorded a song called 'La Belle et La Bete', which translates as "Beauty and the Beast", to feature as a covermount CD on the issue of Vogue.
Moss has a two-year-old daughter Lila Grace, whose father is Dazed & Confused publisher Jefferson Hack. Yesterday, Moss was reported to be with Doherty in New York for fashion week.
A spokesperson for Rimmel said: "We never comment on the personal lives of our celebrities."
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