They allegedly attacked Kona Nooka Anand Rao and his brother with swords and sticks, with the intention of killing them, police said.
The arrested accused were identified as K Venkata Ramana Reddy (28), K Karuna Kumar (25), K Roopesh (21), Ch Srinu (21) and N Vamsi. Another man, K Raju, is wanted.
Deputy Commissioner of Police M Srinivasulu said Rao, who lives in Gandhinagar area, owns a restaurant.
Rao's brother Kona Govind had put up a 67-feet Ganesh idol in the area during the Ganesh festival. When Govind and his friends were performing the immersion of idol on the spot on September 17, Venkata Ramana Reddy and his gang picked up a fight with them, alleging that Govind had misused the donations collected from devotees.