Hanzil Shaik alias Raju Bhayya of West Bengal and Kadari Tirupathi, a resident of Vedurugata village, were arrested after they were found moving about in suspicious circumstances in the area.
On searching them, police found the pistols, ten rounds of ammunition and Rs 6000 in cash.
Shaik was earlier arrested in the killing of P Satyanarayana Reddy at Dharmapuri mandal in May, 2018 and was lodged in Karimnagar district prison, police said.
Tirupathi was involved in the killing of Goli Shankar in May 2018 and imprisoned in Karimnagar district jail, they said.
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