Acting on a tip-off, a team from the city police apprehended the duo who were about to board a state transport bus in Kalyan on Thursday, senior inspector Naresh Pawar said.
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The accused, Naresh Jaiswal (40), a resident of Chembur in neighbouring Mumbai, and Anil Shetty (45) would allegedly engage their victims in a conversation and distract them before decamping with their jewellery, he said.
The police have managed to recover valuables worth ₹3.73 lakh from the accused, who are allegedly involved in six cases of theft.
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