The two were arrested during a combing operation by CRPF and police personnel inside the forest near Chhadakia village in Daringbadi area, Sub-Divisional Police Officer of Baliguda, Arjun Barik said.
Some more people were likely to be arrested after thorough interrogation of the duo, he said.
Seven country-made guns, two soap case bombs, some improvised explosive devices, two detonators and a bundle of wire were seized from the arrested, Barik said.
Some other materials including Maoist uniform, caps and bags were also recovered from the site.
Combing operation and patrolling had been intensified in the area after the arrest.