The accused, identified as Arif Mohammad (24) and Jagdish Sen (32), were arrested by Jawad police.
"1,479 gelatin sticks and 1,600 electronic detonators, which the duo were transporting in a van, were recovered. The vehicle was intercepted at Morka Fanta area based on a tip-off," Inspector T C Pawar said.
The accused have been booked under Explosives Act, he added.
"We are quizzing the accused to know from where and to which place they were trying to ferry the explosives," the Inspector said.