Sharukh Firoz Khan Pathan (22) and Nilofar Khalid Baig (20), students of an engineering college at Pusad in Yavatmal district, were found hacked to death atop Ramgad Fort near temple city of Mahur in Nanded district on September 10.
According to police, the duo was in a relationship and had travelled to the fort in Sharukh's car.
Police arrested five persons yesterday who they claimed carried out the double murder at the behest of a man who promised them Rs 5 lakh for carrying out the task.
Police have recovered the weapons used in the cold blooded murder, he said.
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However, Raghu Rokad alias Don, who offered them Rs 5 lakh for eliminating the duo and paid an advance of Rs 20,000 to the accused, remains at large.
Despite the arrest, police remain clueless about the motive.
After groping in dark for several weeks, police zeroed in on Raju Gadekar, from whose house Nilofar's mobile phone was recovered. During interrogation, Raju disclosed the names of the other accused, who too, were nabbed, police said.