Sreelatha was found dead at her residence in Ithithanam, Kuthirappady last week.
She was staying alone in her house after her return from Warangal in Andhra Pradesh, where she was worked as a teacher.
Police said the first accused Nivin Joseph and the minor are drug addicts.
They allegedly hatched a conspiracy to rob the victim to deal with the financial difficulties faced by Joseph, who is also married.
Reaching her house late in the evening,they allegedly hit her fatally on the head with an iron rod and escaped with her gold ornaments, police said.
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