The third accused, identified as Siraj Rehman, about 25-years-old, was nabbed from Mumbra area late in the evening, police sources said.
He is likely to be produced before a magistrate tomorrow.
Earlier, Vijay Jadhav was arrested in the wee hours from Madanpura area by the elite Crime Branch personnel, who too have been engaged in the search for the culprits.
"The probe is heading in the right direction and we hope to arrest all other absconding accused soon," city Police Commissioner Satyapal Singh said.
Jadhav and Chand Babu Sattar Shaikh alias Mohammed Abdul, who was arrested yesterday, were produced before the Bhoiwada holiday court at Dadar which remanded them in police custody till August 30.
There were protests outside the court premises by Shiv Sainiks and BJP activists who shouted slogans against the accused.
Several women's organisations took out a morcha against the brutal gang rape at N M Joshi Marg police station.
Meanwhile, the hospital where the victim is undergoing treatment has said her condition was improving.
Lending a sense of urgency to the investigation and ongoing pursuit of other accused who are on the run, Home Minister R R Patil visited N M Joshi Marg police station around 2.30 AM.
According to police sources, he inquired about the status of the probe and also interacted with the two arrested accused, questioning them about their role in the incident.
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