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: Abhishek Bachchan and Farah Khan at Boman Irani's birthday bash
Spotted: Shah Rukh Khan at Morani's bungalow in Mumbai
Spotted: Sonam Kapoor and sister Rhea at Mumbai airport
Photos: Ranveer Singh, Vaani Kapoor get 'Befikre' on 'Super Dancer'
In pictures: 12 child artistes who turned into beautiful divas