The entire incident was captured in CCTV camera, which shows two men stopping their Cruze near a Fortuner car. The duo rushed to it with their faces covered, poured oil, set it on fire and fled from the area.
The whole incident took place in half-a-minute.
Both the accused have been arrested, police said.
Police said that the accused had an argument with Vineet Makol while they were driving after which the accused followed Makol to his house to see where he parks his vehicle, after which they left from there.
Makol immediately made a PCR call and informed the fire services department. The fire was doused within 20 minutes.
"We got clues from the CCTV footage that was installed in the victim's house and a case was registered after which both the accused, Saurabh Makhija and his friend Manmeet Singh, were arrested. The duo are engaged in the business of spare parts," said a senior police officer.