Though Baldetti has denied any wrongdoing, allegations suggest her involvement in a government scheme in which customs officials neglected to enforce tax levies in exchange for bribes.
A Supreme Court ruling earlier this week determined that she could lose her immunity from prosecution, and proposition lawmakers have already called for Baldetti to face an investigation.
"This is a personal decision to submit to the needed investigations…" President Otto Perez Molina said, according to Reuters. "Her decision is personal, thoughtful and courageous."