Some unidentified persons had stolen nearly 147 mobile handsets worth about Rs 12 lakhs from the godown of Videocon mobile company at Vadpe village in Bhiwandi on December 28 last year, sub-inspector V S Shirsat of Bhiwandi taluka police station said.
During its probe, the police team traced some of the IMEI numbers of the stolen mobiles to Tanda of Mundargi in Yadgir district of Karnataka.
The Bhiwandi taluka police, with the help of their counterparts in Yadgir, reached the location and arrested the duo - Chandrakant Chavan and Mallu Rathod - on January 26 and seized 34 mobile phones from their possession.
They were brought to Thane yesterday and would be produced in a local court today for remand, police said.
A hunt is on for the others involved in the crime, police added.