The theft had taken place at Mulund in eastern suburbs on December 28, said the official.
The property cell of Mumbai Crime Branch arrested Rajesh Murgesh Shetty (37) and jeweller Prashant Soni (36) from Malad in western suburbs on March 7, the official said.
Shetty, a history-sheeter, had allegedly committed the offence on December 28 at Gulshan Society in Mulund, said the official.
He had sneaked into the flat owned by one Subhash Jain, who deals in giving loans against mortgage of gold, and allegedly stole around 3,657 grams of gold, he claimed.
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It also found that, nobody was at home when the theft took place, he said.
Officials zeroed on some of the suspects, who are involved in such cases, DCP (Crime) Vinay Rathod said.
Police laid a trap at a bar in Kandivali for two days and detained Shetty on suspicion on March 7, he said.
During interrogation Shetty admitted his role in the crime and took police to jeweller Soni, to whom he had handed all the gold ornaments, the official said.
Both the accused were sent to police custody till March 14, Rathod said.