The victim, whose legs were detached from the body, is believed to be a 59-year-old man from Pakistan, according to local media reports.
The suspects, aged 25 and 42, were arrested after the body was discovered in the blood-soaked suitcase by a rag picker in Little India -- a precinct of Indian-origin businesses, budget class hotels, shops, eateries, and pubs popular among South Asians.
"This is a serious crime which police had devoted extensive resources and efforts to have it solved expeditiously," said Hoong Wee Teck, Deputy Commissioner of Police and Director of the Criminal Investigation Department.
The case has been classified as murder, and the two suspects would be brought to court on Saturday.
More than 100 officers were involved in the operation and in establishing the nationalities of the suspects and the deceased within 24 hours of the report lodged, said the police in a statement.
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