Salim Sayyad alias Salim Lightwala and his son Salman were arrested by the Nirmal Nagar Police, said DCP Sachin Patil, a spokesperson of the Mumbai Police.
With this, three persons have been arrested in the case till now.
Salman Lightwala is suspected to have set a gas cylinder on fire that started a massive blaze in the Garib Nagar slums in Bandra (East).
Hundreds of families were affected in the blaze which broke out on October 26.
The incident had occurred when the Brihanmumbai Municipal Corporation (BMC) was carrying out demolition of illegal hutments on directions of the Bombay High Court.
Salman Lightwala, with the help of other accused, allegedly set a gas cylinder on fire, resulting in the blaze which gutted hutments and obstructed the demolition drive, an official said.
The inferno also damaged ticketing equipment at Bandra station located adjacent to the slums.
The Nirmal Nagar police had earlier arrested another accused in connection with the fire.
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