The jewellery, comprising gold chains, hip belt, anklets and ear rings, was found in a copper pot while digging was on yesterday to construct a house, they said.
The owner informed police after he found that the two labourers he had engaged had taken it to their house without informing him.
Police rushed to the house, seized the jewellery and arrested the duo.
The jewellery was later handed over to the treasury office, officials said, adding their exact value was yet to be ascertained.