The crime branch of the city police arrested the duo-- Shahid Ali Sarfaraz Asna Ashori (26), a resident of Mumbra and Faizal Ali Yusufali Shaikh (20) resident of Ghatkopar yesterday.
"The duo was involved in snatching gold chains and mangalsutra of elderly women on the streets," DCP Crime Parag Manere told reporters here today.
The accused used to come on motorcycles and target elderly women walking along the roads and snatch away the valuables, police said.
Two teams had been formed to nab them. They were caught from different locations in the district, police said.
The arrested accused had stolen some more ornaments which they had sold in Mumbai and Bhopal and the police are trying to get hold of those valuables, Manere said.
Police are on the look out for two more accused in this connection.