Police seized five horns and tusks from the duo, which is estimated at around Rs 14.18 lakh.
"Salim Tambe (45), who hails from Ratnagiri, and Gulamhussain alias Pappu Shamsuddin Shaikh (38), a local resident, were arrested at Tungareshwar phata in Vasai (East)," said Palghar crime branch senior police inspector A B Honmane.
Police suspect that the seized items could be 150 year old.
The horns and tusks have been sent to Forest department for inspection.