Li is currently on bail and awaiting trial, state-run Xinhua news agency reported.
It is likely that Li will be charged with bigamy and violation of the one-child policy, it said.
It is openly known in the village of Xizan that Li has four wives, as three of his wives, as well as nine of the children he has had with them, are registered as local residents living in his household.
After failing to be re-elected as head of the village committee in 2011, he lost the "privilege" of having his fourth wife and their son registered in his household.
The district government has set up a work committee made up of members of the district's People's Congress, discipline department, politics and law committee, public security department, family planning department and civil affairs department to investigate the case, the reports.