The accused Navin and Vishal were arrested early today from the bypass here when they were hatching a loot plan, police said.
The two were produced before a local court which sent them to a three-day police custody, they said.
22-year-old Jagat Singh Yadav, a student at the government polytechnic in Lisana here, was shot dead on March 17.
During interrogation, the two revealed they belonged to Delhi and admitted to their involvement in the crime along with one more person, who is still at large, they said.