The arrested accused have been identified as Naresh Dhare (31), a bookie and Vinayak Shinde (55), a police constable.
Shinde was convicted in the alleged fake encounter of Chhota Rajan’s aide Ram Lakhan Bhaiya in 2007.
He has worked with Waze in the team of encounter specialist Pradeep Sharma.
The duo will be produced before a local court for seeking their remand.
On Saturday, the ministry of home affairs (MHA) had handed over the probe into the murder case of Hiran to the National Investigation Agency (NIA).
Sources said the ATS is going to give them a readymade investigation they have been carrying out for the last one week.
On February 25, industrialist Mukesh Ambani’s security alerts the Gamdevi police about an abandoned Scorpio parked outside his house at Carmichael Road.
The ATS probing the Scorpio owner Mansukh Hiran’s murder is trying to piece together the jigsaw of arrested assistant inspector Sachin Waze’s presence at Carmicheal Road on the night of February 25.
The ATS has procured Waze’s call record to show his location near Antilla Tower when the gelatine laden vehicle was parked outside the tower.
Sources said till now Waze had admitted to planting the gelatines outside Ambani’s house but had not admitted to the murder.
The ATS officials said that they have found Waze’s locations on March 4 and 5 when Mansukh went missing.
Waze has been assisted by a few suspended as well serving cops in laying a trap for Mansukh by calling him to Ghodbunder in Thane and than strangulating him in a moving car.
Police have even identified the car used in the crime.
Police said the accused threw Mansukh in the creek while he was still unconscious and alive.
Hiran’s body was found in Mumbra creek on March 5.