Four gold chains and a motorcycle were recovered from the two accused, who have been identified as Raj Kumar (51), a resident of Mangolpuri, and Nitin alias Jugni (35), a resident of Shahdara.
Kumar and Nitin are involved in theft and snatching and are also named in cases under the Arms Act and the NDPS Act, police said.
A third person, a Sultanpuri resident identified as one Om Niwas (50), too, was arrested along with the above duo. Om Niwas was allegedly involved in the purchase and sale of the items which were stolen by the two accused.
"A trap was laid and the three were caught red-handed," said Additional Commissioner of Police, Ashok Chand.
Police said that Raj and Nitin are named in 39 and 49 cases, respectively.