The arrests were made during an operation in Karachi's Garden area.
According to SP CID Usman Bajwa, the arrested suspects were involved in the deadly October 18 attack on Karsaz road.
"We have also arrested a target killer who has confessed to killing 20 people," he said.
The arrested persons have made some important disclosures about the attack on October 18, Bajwa said.
Around 115 people were killed and over 200 injured when a suicide bomber targeted Bhutto during a rally on her return to the country after eight years in exile.
Bajwa said that accused were identified as Jamshed Khan alias Khutki and Mohammad Abid alias Abdullah of TTP and target killer, Junaid Zaidi.
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