The youths, both residents of Janjgir Chapa district, had multiple bank accounts with several suspicious transactions, said Bilaspur Superintendent of Police, Mayank Shrivastav.
They have been booked under IPC section 121 (waging war against the country), he said.
The two had connections with members of a terror module busted by the Madhya Pradesh ATS recently, police said.
Further, they were also suspected to have links with Satvinder Singh, who was arrested in Jammu and Kashmir last year on charges of espionage, they added.