The duo -- Deep Kailta and Shakir Ali -- are suspected of being involved in various incidents of dacoity in Dubrugarh and Tinsukia districts, police said.
They are part of a four-member gang and police have started an operation to nab the other two members who are still at large.
Besides a pistol and some bullets, five mobile handsets were also recovered from them last night. Police are interrogating the duo.