Dharmendra Gupta (43) and Bhimashankar Yevale (29) were arrested by the anti-robbery squad of Mumbai Police crime branch.
Ashok Khot, chief of the squad, said the two, alongwith Devraj Thakur, allegedly slit the throat of Sandeep Naik in Dombivali on August 21 last year.
Thakur was arrested in an Arms Act case on January 1, and his interrogation led to the arrest of the other two.
They had killed Naik for revenge as he had assaulted the brother of one of the accused in the past, police said, adding that his body was dumped in a nullah in Ambarnath in Thane district.
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