The murder took place yesterday when the victim Akilesh Patil, 35, was returning from a construction site in his two-wheeler, Sub Inspector M S Jadhav of the Shivaji Nagar police station told PTI.
The duo attacked Patil with a chopper inflicting several wounds on the victim, killing him on the spot, police said.
After the incident, the youths fled the scene on the two-wheeler belonging to the victim.
The body of the victim had been sent for postmortem.
An offence under sections 302, 342 and 120 B of the IPC was registered against the duo but the motive behind the killing has still not been established.