Ramu Tangwar, the victim, worked at a pipe factory at Naswadi in the district, said sub-inspector V S Gavit of local police station.
The accused were identified as Ramesh Kalu and Kamlesh Kanti. Both were arrested last evening.
The incident took place on April 10, but it came to light when the victim's body was found on April 13.
Probe revealed that Tangwar and two fellow workers were returning to Tamil Nadu after working in the pipe factory for six months, and looking for a truck bound for their home state at Kalodiya (so as to hitch a ride) on the night of April 10.
A person passing in a car spotted them, and thinking them to be thieves, shouted to alert the local people. Ramesh and Kamlesh, who are farmers, thought that Tangwar and his colleagues intended to steal electric motors installed in their fields.
While Tangwar's colleagues fled, the accused beat him up with sticks and hit him with stones, leading to his death, police said.
Tangwar's two colleagues were yet to be traced.