The arrest comes nine days after the incident in which the two motorcycle-borne men followed the victim and pulled her T-shirt at which she screamed for help, forcing them to flee in panic after seeing some people.
Police gave the names of the accused as Nanda and Amin, adding they have a previous "criminal history."
The two-wheeler used by the culprits has been recovered, they said.
The incident happened on January 4 and police had registered a case under section 354 of the IPC relating to assault or criminal force to a woman with an intent to outrage her modesty.
In incidents in the first week of January, a woman was groped and assaulted by two scooter-borne men near her house in Kammanahalli on New Year's eve.
Six persons have been arrested in connection with the case.
On New Year's eve, several women were allegedly molested and groped on MG Road and Brigade Road where the revellers had gathered, despite the presence of more than 1,500 police personnel, an incident that led to a national outrage.
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