The duo has been identified as 28-year-old Shehanshah alias Babloo, hailing from Uttar Pradesh's Rai Bareily, and 22-year-old Sunil Kumar from Varanasi.
According to police, the gang used to operate in Delhi, Haryana and Uttar Pradesh. As many as seven cases of vehicle theft have already been registered against the duo.
On a tip-off that the duo was planning a robbery on MG Road, a seven-member team from DLF City Phase II police station was deployed on the spot.
The two were spotted on a motorcycle and were immediately intercepted by the police on Saturday night.
During interrogation, the two revealed they were part of a six-member gang which was formed a year back. They used to steal the cars to maintain a lavish lifestyle of eating and drinking in luxury hotels and pubs.
The police have identified the other four gang members and are currently on their lookout. Of the four members, three hail from UP and one from Delhi.
"We are conducting raids to arrest others," police inspector Jagdish Prasad.