Nitin Sharma was shot dead by two youths in front of his house at Shaktikhand-4 on July 20 last year, when he was returning after dropping his 10-year-old daughter to school.
The accused Sachin and Sanjay were arrested today from Vijay Nagar area during a vehicle checking drive, police said.
Police are yet to arrest Ravi, who was hired for killing Nitin. Manoj Pandit, who had opened fire at Nitin, was earlier arrested.
"While Sachin had done recce of the house and office of Nitin, Manoj had fired gunshots, and was being given back-up by Sanjay and Naveen. Ravi is yet to be arrested," said inspector Rajesh Dewedi of the district crime branch.
Police said five persons were involved in the murder.
As many as 10 bullets were pumped into the body of Nitin by the attackers -- two in the head and the remaining in the chest.