Avinash Pimbelker (22) and Mukesh Musager (21) were arrested for the crime that took place last Thursday, they said.
The woman had struck a deal with the accused to have sex with them for money. When she asked for money, they killed her by smashing her head with a stone, police said.
After recovering the body on P D'mello road the next morning, police questioned around 150 drug addicts in the area, said senior inspector Sukhlal Varpe of MRA Marg police station.
The duo has been remanded in police custody by a court till April 1.