The accused-- Naveen alias Mukesh and Jagdish- were arrested near Nagesh Garden, Church Road, in Delhi Cantonment yesterday, said Deputy Commissioner of Police (Southwest) Surender Kumar.
The two were residents of the Madangir area.
The incident took place on May 27 when Gurgaon-based businessman Naresh Aggarwal was going home in his four-wheeler with Rs 22.5 lakh cash in a bag. He was accompanied by his brother.
In the meantime, the police said, a man rushed in, took the cash bag and ran away with another man waiting on a motorbike.
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Kumar said the duo are members of the 'tyre puncture gang'.
Their alleged modus operandi is to use an ice-cutter to deflate the wheels of the target car at a traffic signal and as the occupants would get busy checking the problem in the vehicle, they attempt a swift theft, he said.
The police said, it has recovered Rs 18.50 lakh cash of the stolen amount.
The rest amount, the police said, was allegedly used by the duo in procuring drugs, alcohol and in gambling.
"They also visited Shimla and other hill stations and used the money for lodging and traveling," Kumar said.
The duo sold the motorbike used to commit the crime to escape police scanner, he added.