25-year-old Kedar Gurjar and Majhar alias Major Gurjar (23) of Bharatpur district were arrested in a joint operation of Anti Terrorist Squad (ATS) and Special Operation Group, said Deputy Inspector General of Police (ATS and SOG).
The alleged peddlers used to smuggle fake currency from West Bengal, he said.
Last year, the SOG-ATS had seized fake Indian currency with a face value of Rs 53 lakh in different parts of Rajasthan, a spokesman said.