The body was found after people complained of a foul smell emanating from the woman's house.
After locals complained to Shanti Nagar police, they broke into the house and found the man's body stuffed into a plastic bag.
The deceased was later identified only as Kaif (32).
Police yesterday traced Kaif's wife and her alleged paramour Rizwan Mohammad Ahmed Qureshi (24), said Shanti Nagar police station inspector M G Bagga.
They were booked under various charges of the IPC including 302 (Punishment for murder).
He said the police are investigating how the crime was executed and weapon used by the duo.
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