Malda superintendent of police Kalyan Mukherjee said the two were arrested from a house at Amridanga following a tip off.
The two were identified as Mondol Soren (26) and Rajiv Murmu (also 26) wanted by the police in a case.
A nine mm pistol, five cartridges, one magazine and fake notes of face value of Rs 70,000 were seized from them, he said.
They were later remanded to police custody by a local court.