Anand Pal Singh and Datar Singh were nabbed by a team led by an additional SP rank official in a joint operation by Anti-Terrorist Squad (ATS) and Special Operation Group (SOG) of the state police.
"Both the accused, having cash rewards of Rs one lakh each, were held at a farm house in Renwal area on the outskirts of the city," Additional DGP (ATS-SOG), Alok Tripathi, told PTI.
"One AK-47, one American carbine, six other rifles and over 500 live cartridges were recovered from their possession," he said.
The accused have been involved in cases of murder, money extortion, liquor and arms smuggling among others.
Anand Pal Singh, a liquor mafia, along with other accomplices, had allegedly killed Jivan Ram Godara in Didwana town of Nagaur district in 2006.
Godara was also involved in the business of liquor and was politically active at the local level.
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Anand Pal had allegedly shot dead a Jat Mahasabha leader Gopal Fogawat in April 2006 in Sikar district.
These murders had created tension and the Jat community had sat on Dharna demanding arrest of the culprits, who they alleged, had political patronage.