Hirosi Morikawa, 55, and Bajra Gurung, 50, were arrested in the capital Kathmandu by the Metropolitan Crime Division.
The duo allegedly took NRs 1.13 million from 12 earthquake victims on the pretext of sending them to Japan on work visas to be gainfully employed, Nepal Police said.
They had asked the victims for NRs 800,000 each.
The victims complained to the police and told them that they have provided NRs 1.13 million as advance payments.
The police have begun further investigation after taking the duo into custody.
The 7.8 magnitude earthquake that hit Nepal in April and another of 7.3 in May last year devastated the Himalayan country and left nearly 9,000 people dead.