According to sources, Ehsanullah and Saeed Jan were arrested on Thursday and hand grenade, explosive material and arms were recovered from their possession, Dawn online reported.
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The two suspects are members of the Tehreek-i-Taliban Pakistan (TTP) terror group.
At least 60 people were killed and over 110 injured when a teenaged suicide bomber blew himself up near the Wagah border in Pakistan on November 2 during the flag-lowering ceremony at the border.
Claiming responsibility for the attack, Jamaat-ul-Ahrar, a splinter group of the Pakistani Taliban, had said that the attack was as much aimed at India as Pakistan.