The radio presenter, 48, joined his breakfast co-host, 48, in putting on the slinky outfit and later posted a video of him dancing seductively in it.
The footage, filmed in the Heart Radio offices, shows Theakston imitating a strip tease dance by kicking his leg out behind a pillar, before revealing the fiull ensemble in all its glory.
He later posted a Photoshopped photograph of the pair together in their jumpsuits on Instagram with the caption: “Who wore it better?”
Several celebrities endorsed Theakston’s post – including Holden herself.
Heart presenter Ashley Roberts said, “What a pair of peaches,” and Emma Bunton added: “Oh my goodness!”
Holden posted a flame emoji alongside a crying with laughter one.
Holden first posed in the skimpy catsuit last week, ahead of her charity sky dive.
The terrifying stunt was part of a fundraising scheme for Global’s Make Some Noise charity, which helps disadvantaged children and young people.
For the actual jump, Holden swapped the red catsuit for a more practical one.
She did the 10,000ft skydive alongside her sister Debbie and 69-year-old mother, Judy.
The family were joined by Charlotte Hatton, 17, who was helped by the charity’s Holding On, Letting Go bereavement scheme after her mother died from cancer.
Afterwards, Holden described the stunt as a “real box ticked”.
“I’m going to be honest with you and say that I found an overwhelming sense of calm as we went up in the plane,” she said.
“It felt like the most incredible experience and a dream come true and real box ticked.
“The guys who looked after us were so calm and collected and all of us were in great spirits flying up into the sky, it felt very serene when the doors opened and I had absolutely no worries about just jumping out.”
Donations can be made via Holden’s page or the Heart website.