The two accused identified as Karan Paresh Kakkad (23) and Raju Shankar Wadkar (30) have been arrested for killing the victim Narendra Tuljabai Patel on June 1.
The arrests were made on June 6, police said.
"On Monday, local residents reported about a car that they found in a burnt condition at Dasagaon Pada located between Palghar and Kelwa in the district. A charred human body was also found inside the car," Thane DSP (Rural) Anil Kumbhare said.
During the probe they found that the car was owned by Narendra Patel, a resident of Chitralaya locality in Boisar in Thane district.
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Patel had left his residence on June 1 and did not return home. The last call he had made was to his daughter at about 6.45 pm that day, police said.
"After checking his call records, we found that one more, who was lated identified as Karan Kakkad, had called him," DSP said.
On June 1, Kakkad decided to take Patel with him saying that he was looking for some herbs. They went by Patel's car. Kakkad and Wadkar offered some drink to Patel laced with sedatives. "After this the accused started chatting with Patel and got the formula," police said.