Police said a convoy carrying the officials was stopped close to a conference centre in central Baghdad.
The kidnappers were reportedly wearing Iraqi army or police uniforms.
Among the officials abducted were Olympic Committee secretary-general Amr Abdel Jabbar and the head of Iraq's Tae Kwon Do federation, Jamal Abdel Karim.
Former President Saddam Hussein's son Uday had headed Iraq's Olympic Committee prior to the 2003 US-led invasion.