The money-saving expert repeatedly urged viewers to watch his segment to find out “how to wang your welly for free”.
He continued: “If you don’t know what that means you’re going to have to come back and watch after the break – I’m not going to explain it now.”
Stepping in for Piers Morgan and Susanna Reid, temporary hosts Eamonn Holmes and Ranvir Singh were left to quicky step in and clear up what Martin was talking about.
Eamonn joked: “Folks he did just say ‘wang’, I just want to make that clear.”
But after Martin repeated the cheeky innuendo, Eamonn begged him to be quiet, adding: “I wish you would stop saying that!”
However, shocked viewers thought the 45-year-old made an explicit comment, taking to Twitter to air their confusion.
One posted: “I sure I’ve just heard Martin Lewis say ‘W**k W***y’ on GMB? He did have a grin on his face after, and @ranvir01 @EamonnHolmes apologised.”
Another added: “@MartinSLewis welly w**k Martin?”
A third questioned: “@MartinSLewis What did you just say?”
Good Morning Britain airs weekdays on ITV from 6am.
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