Dilip Garhwal, 44, was stabbed with a knife on the night of February 24 at the NTC ground in Pardeshipura area when he was returning home, SP (city) OP Tripathi said.
Garhwal was robbed of his mobile phone, a bag and Rs 1,400 in cash, he added.
He was rushed to state-run Maharaja Yeshwantrao Hospital where he died during treatment, the SP said.
Police have recovered the stolen items and cash from the accused besides two knives allegedly used in the crime.
They have been booked under Section 302 (murder) of IPC.
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