The Sanghvi brothers, who were on the run since the incident, were arrested from the Andheri area here, additional commissioner of police S Jaikumar said.
The police had on Tuesday arrested Vishal Kariya, a hotelier, for allegedly giving shelter to the Sanghvi brothers and Abhijeet Mankar -- owners of the '1 Above' pub.
The trio have been booked for culpable homicide not amounting to murder and other offences under the Indian Penal Code. Police had also announced a reward of Rs 1 lakh for information about their whereabouts.
Mankar was still absconding.
On December 29, fire had swept through the '1 Above' and adjacent Mojo's Bistro resto pub in Kamala Mills compound in central Mumbai, resulting in the death of 14 people.