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Frank Ferguson, head of the CPS special crime and counter-terrorism division, said the allegations involved two separate women.
Spencer, 37, will appear at Westminster Magistrates’ Court on June 16.
A Conservative Party spokesman said he had been suspended from the party and had the whip withdrawn “with immediate effect”.
The spokesman said: “The Conservative Party believes in integrity and high standards. We have taken immediate action.”
It is understood that the Conservative chief whip asked Spencer not to attend the parliamentary estate while inquiries were ongoing.
Mr Ferguson added: “The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that he has the right to a fair trial.
“It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
Spencer was first elected to Parliament last year with a majority of 4,290.
Prior to entering Parliament, he worked in finance for private equity firm IPGL, a company chaired by his father, former Conservative Party treasurer Lord Michael Spencer.
He later took a job at the Centre for Social Justice think thank and then becoming a senior adviser at the Department for Education.
He made his maiden speech in the Commons in July last year during a debate on the MPs’ code of conduct relating to second jobs, during which he said the “most important thing to the people across my constituency” was “restoring a sense of moral probity and public spiritedness to our political system”.
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