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The accused have been identified as Naga Naik (55) of Bairapur, Chikkamagaluru district and Maruthi CV (33) of Davanagere district.
The main accused Naga Naika was involved in several thefts in Chikkamagaluru and Dakshina Kannada district.
It is said that Naga used to steal valuables from houses and temples in the city and go back to his village. Naga Naika and Maruti run their own jewelry shop where they would sell the stolen ornaments.
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Police have seized gold ornaments worth Rs 18 lakh and silver ornaments worth Rs 10. 40 lakh from the accused.