The incident took place at Ranhola and the victim has been identified as Ishtikhar, who hailed from Jaunpur in Uttar Pradesh.
His father-in-law Jamil (60) and his brother-in-law Umed Alam (30) were injured in the attack outside their house. They were attacked with knives and sticks, police said.
The two minors were apprehended while their elder brother and father are absconding, they said.
Ishtikhar had borrowed Rs 70,000 from someone with the help of Jamil and for the past few months, they declined to return the money.
Ishtikar suffered injuries in his abdomen. He was rushed to a nearby hospital where he was declared brought dead.