They were arrested following two encounters in separate places, police said.
Babool Paswan (40), a leader of Jharkhand Prastuti Committee, and his associate Jitendra Nayak (35) were injured during the encounters at Nidhiapalli and another area called Gallery under the jurisdictions of Bhanjanagara and Tarsingi police stations respectively, the police said.
Two pistols, a car, a motorcycle, ammunition and four bombs were seized from them.
Several criminal cases are pending against them in Jharkhand and Odisha, police said.
Ganjam Superintendent of Police Asish Singh said Paswan is a notorious criminal involved in at least 30 cases in Jharkhand and Odisha's Rourkela and Sundaragarh.
The injured were admitted to MKCG Medical College and Hospital here, he said.