The accused have been identified as Shashtri Park resident Harsh (24) and Deepak Agarwal (25), a resident of Khajoori Khas area, police said.
The robbery took place on the night of May 10 in the Geeta Colony area when the jeweller was going home in east Delhi from his shop in Chandni Chowk in his car. The robbers had looted jewellery and cash at gun-point.
"Police got information that two of the accused were coming toward Shastri Park area of Seelampur yesterday. A trap was laid and they were arrested. Police have recovered a small part of the booty from them," said a senior police official.
"He shared this information with his friend Deepak Aggarwal. Deepak, who had earlier been involved in two cases of robbery, roped in his accomplices. They conducted a recce of the area as well as the route taken by the jeweller from Chandni Chowk to his house," he added.
A manhunt has been launched to nab other accused involved in the dacoity, he added.