Smith, who is currently serving a suspension for headbutting an opponent, appears to be holding a bag of white powder in one of the images.
“The Western Bulldogs are aware of images of Bailey Smith circulating on social media,” the club statement read on Saturday morning.
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“The club is investigating the legitimacy of these images and is not in a position to comment further at this time.”
Smith, who is one of the most popular young players in the AFL, has been tied up in a number of off-field controversies over the last 12 months.
He opened up on the toll that has come with his popularity, revealing that he’d even been offered $50,000 to sleep with someone.
A fake ‘nude’ image of his began circulating in the days leading up to last year’s AFL grand final.
The 21-year-old was granted a leave of absence from the club last December due to personal reasons before returning for the pre-season.