Manoj Singh, a resident of Mithapur Extension, was arrested yesterday for possessing the idols and trying to sell them.
The two idols are placed on a stand on which can be slide in and out.
"The idols are made of metal. As per preliminary report, the origin of the idols can be dated back to 16th century AD and the object is precious antique property," a senior police official said.
The value of the idols are estimated to be Rs 15 crore, the official said.
The action came on a specific tip-off that a person who is in possession of two antique idols is looking for a prospective buyer.
Based on the information, police laid a trap near ISKCON Temple in East of Kailash and apprehended the accused.
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"A khaki cloth bag containing two idols was recovered from his possession. He could not provide a coherent reason for possessing such old and antique idols. Therefore, a case was registered and the accused was arrested," the official said.
A preliminary opinion is being obtained from the experts of the Archaeological Survey of India.
The database of CBI and National Crime Record Bureau are also being checked to ascertain whether there were any information on the idols.