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Assistant Commissioner A P Bandekar and Superintendent Niraj K Singh were arrested by the Central Bureau of Investigation (CBI), an official of the investigative agency said in a statement.
A private company from Kolhapur had purchased 74 kg of silver from an Ahmedabad-based firm on October 5 last year, it said.
Out of that, 60 kg silver was transported from Gujarat to Maharashtra in two packages, that were seized by the customs department in Mumbai the next day, it said.
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While the assistant commissioner sought Rs 15 lakh, the superintendent demanded Rs 4 lakh, the CBI said.
Based on the complaint, the investigative agency laid a trap and caught the superintendent red-handed while accepting Rs 2 lakh bribe, it said, adding that the assistant commissioner was caught later.
Searches were conducted at the offices and residences of both the accused, which led to the recovery of incriminating documents
Both the arrested accused were produced before a court here on Thursday, which remanded them in police custody till February 27, the agency said in the statement