Ram Sewak and Mangli have been booked under the stringent National Security Act (NSA), they said.
According to police, the duo took away the cow belonging to Ganesh Prasad Dixit from the latter's house yesterday and slaughtered the animal in a nearby field, Superintendent of Police, Umesh Kumar Singh said.
"There was tension in the village, but the police reached the spot and now the situation is under control," he said.
The officer added the incident was deliberate and that it was planned keeping in mind the Moharram procession in the village today.