Accused Atul Sharma and Naveen Kumar were arrested following a complaint from the company, Chikadpally police station's additional inspector P Balavanthaiah said.
Sharma, as per the complaint, ordered an Apple iPhone 6 costing Rs 51,590 from Flipkart in the name of Naveen Kumar, and made payment through a credit card. The phone was duly delivered.
Next day Sharma and Kumar complained to Flipkart that the package contained paper and rubber and not the phone, following which the company refunded the entire amount, the police officer said.
Further probe is on, police said.