Police found arms and small bombs with the two suspects.
Anti-crime Rapid Action Battalion (RAB) troops trapped the two ULFA leaders in a pre-dawn raid.
"We have arrested ULFA leaders Ranjan Chowdhury, more known as so-called Major Ranjan, and Pradip Marak from Lakkhipur area of Bhairab," said Mohammad Sohail, RAB Lieutenant Commander.
This is not the first time that ULFA activists were arrested from Bangladesh and from its territory.
ULFA chief Arbinda Rajkhowa was also arrested from Bangladesh territory and subsequently handed over to Indian authorities.
Anup Chetia, another ULFA leader was arrested from Dhaka during the past 1996-2001 Awami League regime and still is in "security custody" despite the expiry of his jail term for cross border intrusion.