D K Rao, who has a history of recruiting sharpshooters and lieutenants for mafia don Chhota Rajan gang, was one of the two targets, police said.
Chhota Shakeel allegedly planned to kill Rao in the sessions court premises here, when he was brought for hearing from Taloja jail in the neighbouring Navi Mumbai city, they said.
"A sophisticated 0.32 bore revolver, four live cartridges and incriminating articles were confiscated from them. The joint operation by the Anti-Extortion cell and the Crime Intelligence Unit prevented a major crime in the nick of time," Date said.
The second target also was a key member of the Chhota Rajan gang, he said.
Siddhique was released from jail in February, after which he arrived here from Uttar Pradesh a few months ago, he said.
Akhtar Jamal Khan, who is the second accused, has criminal cases registered against him in the city, he said.
Both the arrested gangsters were in direct touch with Chhota Shakeel, who is a close associate of underworld don Dawood Ibrahim, he said.
"Shakeel ensured that cash and weapons reached the two, who were constantly planning to execute the killings," he said.
"We are trying to ascertain the reason for choosing these targets and how much money was offered to carry out this act," Date said.
