Yogesh Pandit and Harishankar, both 30-year-old, were yesterday arrested when they were roaming with the firearms, they said.
A pistol, a magazine and five live cartridges were recovered from Harishankar, while Yogesh was possessing one pistol and four cartridges when he was nabbed, police said.
The two accused are allegedly members of a gang involved in murders and property dealings, they said.
Separate cases under the Arms Act have been registered against them, police said.
The accused are being interrogated to find out their motive behind possessing the firearms, police added.