The accused were identified as Gajendra Singh (22) and Amarjeet Singh (20).
The peddlers had started from their home district with fake currency notes of Rs 1.20 lakh (in denominations of Rs 100 and RS 1,000) and had come to Ratangarh from Bikaner after trading some currency, they said.
Personnel of the Government Railway Police (GRP) caught them this morning, they said.
The case was forwarded by the GRP to police station in Churu district, they said.