The victim, Dileep Kundanmal Jain (40), an electric shop owner residing at Kasar Ali in Bhiwandi, was murdered by some persons in the wee hours of May 24 before they decamped with cash and jewellery worth Rs 1.25 lakhs, inspector Shailendra Nagarkar of Bhiwandi police crime branch said.
Later, Dileep's wife Payal Jain (35) filed a complaint with local police that some miscreants had entered into their house who killed her husband and took away the valuables.
Based on further clues, the police arrested the killers - Ratanlal alias Ratan Mulchand Kothari (39) and Sohansingh Hemantsingh Rajput (28) - on Sunday from Virar, Nagarkar said.
Both of them latter confessed to the crime, he said.
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On the basis of information provided by them, police arrested Payal from her residence and her maid servant Manjula Mukeshkumar Gomatilal (35) from Rajasthan for allegedly hatching the conspiracy and hiring the men to kill Dileep, he said.
Nagarkar said the couple frequently quarreled over various issues and Payal apparently eyed the property of her father-in-law in Rajasthan.
She decided to get rid of her husband and hence arranged for his 'contract killing' with the help of her maid, the latter's brother and two other killers, he said.
She promised the killers to pay them Rs 10 lakhs, but they got only Rs one lakh after the execution of the crime.
The accused have been remanded in police custody for a week, they added.