The eight-part series premiered on Amazon Prime Video late last year and followed a team of part-time paranormal investigators who work to uncover and film ghost sightings across the UK.
Pegg and Frost, best known for their work on comedy trilogy ''Shaun of the Dead'', ''Hot Fuzz'' , and ''The World's End'', starred in the show. They also co-wrote the series with Nat Saunders and James Serafinowicz.
Frost shared the news on Instagram. ''Sadly, 'Truth Seekers' will not be returning for a second season. 'Truth Seekers' has not been renewed, which is a massive kick in the willy for me," he said in a video message.
''Truth Seekers'' also starred actors Malcolm McDowell, Samson Kayo, Emma D'Arcy, and Susan Wokoma. Pegg, Frost, Saunders, and Serafinowicz executive produced the show alongside Miles Ketley and Jim Field Smith, who also served as director.