The accused identified as Dinesh and Manav, in their mid 20s, were habitual gamblers who were under heavy debt, Pathankot SSP Rakesh Kaushal said.
Dinesh, a plumber had worked at victim Parsni Devi's house few days back and noticed her wearing valuable jewellery, the SSP said.
He along with Manav then hatched a plan to loot her, he said.
On April 18, when the woman was alone in her house, the duo murdered her and fled after looting some jewellery, police said.
A case of murder under Section 302 of the IPC has been registered against the accused, Kaushal said, adding that investigation is underway.