The two shooters identified as Abhishek and Gaurav (both in mid twenties) were arrested by a joint team of police personnel near Guldhar village, Senior Superintendent of police K S Emmanuel said.
The duo was arrested following a tip off, he said.
Two semi-automatic pistols with cartridges and the motor cycle used in the shooting incident have also been recovered from their possession, he added.
Both the youths carry Rs 15,000 reward on their heads, participated in firing , the police officer said.
Teotia, who had contested the 2012 Uttar Pradesh Assembly election from Muradnagar constituency, was on his way to Ghaziabad when the incident occurred.
Disclaimer: No Business Standard Journalist was involved in creation of this content