The accused identified as Laxmanram and Junjaram were arrested yesterday, following a complaint from the woman in Dhorimanna area here, police said.
In a written complaint to the SP, the woman had asked to take action against some youths, who were blackmailing her and others with "obscene morphed videos".
Devichand Dhaka, SHO Dhorimanna, said the accused "morphed videos" in computers and also circulated it to others.
He said a few others are also being searched in connection with the matter.