Police sources told IANS that the two were arrested from Chanapora locality Thursday. One of them had reportedly come from Sopore town in the northern part of Kashmir.
Arms and ammunition have been recovered from them.
Three lesser known guerrilla groups have threatened to target foreigners in Jammu and Kashmir if authorities went ahead with the concert.
Intelligence sources told IANS that the Pakistan-backed LeT often acts in the name of lesser known groups.
Photos: Sunny Deol with sons Karan and Rajvir at Mumbai airport
Photos: 10 beautiful moments that capture winter around the world
Photos: Karisma Kapoor, Preity Zinta, Shraddha Kapoor at Mumbai airport
Spotted: Anushka Sharma and Diljit Dosanjh at Mumbai studio
Photos: Mallika Sherawat at a restaurant in Bandra