The accused have been identified as Tara Chand and Pradeep Jha, both aged 21 years and residents of west Mandawli area.
"Last evening around 6 PM, the duo tried to snatch a gold chain of a middle-aged woman in Madhu Vihar area. However, the woman, with the help of locals managed to caught hold of Tara Chand while Jha managed to flee on his bike. Chand was thrashed by people and later handed over to police," said a police official.
During interrogation, the duo revealed that they adopted the measure in order to make quick money to match the lifestyle of their friends.
"They work at the call centre of a shopping website. Tara Chand is pursuing Bachelor of Arts from a private university while Pradeep Jha is a graduate in science," the official said.
The duo allegedly confessed their involvement in more than a dozen cases of snatching in East Delhi.
A case has been registered at Madhu Vihar police station against the duo under appropriate sections of IPC, police said, adding that a black Pulsar motorcycle and some gold chains have been recovered from their possession.