Deputy Inspector General (DIG) Harinarayanachari Mishra said Vishal Bimaniya (21) and Prince Kushwaha (18), city residents, were arrested following a complaint.
The accused had taken to crime to fund their expensive lifestyles, the DIG said.
Bimaniya and Kushwaha ran a bogus e-commerce firm called Angel Garments, which, through its Facebook page, offered branded clothes at attractive discounts, he said.
They took money through Internet banking from several buyers in Madhya Pradesh, Delhi, Uttar Pradesh, Tamil Nadu and Maharashtra, but never delivered the clothes, the DIG said.
Several mobile phones and ATM cards were seized from their possession, and a case of cheating under the IPC was registered against them, the police officer said, adding that further probe was on.