Sabatina Fernandes was stabbed to death Wednesday morning and her body was found lying outside her home.
The culprits, identified as Vishal Tak and Shivkamal, were arrested from their homes at Oshiwara on Wednesday evening, while the police are still looking for the third suspect.
Jewellery worth Rs 3 lakh was found missing from the deceased's home, although the police has recovered most of it from the people arrested.
The incident took place when her husband Victor had gone to a clinic to take an appointment for Sabatina. In the meanwhile, the accused attacked her and stabbed her to death.
According to the police, the accused have been planning this loot since very long and they had even monitored Victor's movement. Only two of the four flats were occupied in the victims seventh floor and this was an added benefit for the murderers.
Photos: Shah Rukh Khan, Deepika Padukone, Alia Bhatt at an awards show
Photos: Big B, Iulia Vantur at Himesh Reshammiya's album launch
Photos: Aamir Khan with 'Dangal' actresses at fashion show
Spotted: Twinkle Khanna, Shriya Saran at an event in Mumbai
Andrew Flintoff's birthday: 10 players who entered different sports