The arrested men were identified as Sachin V Vidhate (36), a resident of Nashik, and Buddhivant Shantaram Jadhav (37), resident of Bhaynder.
Senior police inspector Shahaji Jadhav said police had kept a vigil in the area after receiving a tip-off, and arrested the duo after they arrived in a car.
The skin was worth Rs 7 lakh in the Indian market and at least Rs 20 lakh in the international market, police said.
Additional commissioner of police Shivaji Bodke said the duo had brought the skin from Nashik.