The accused were identified as Fahad Khan (18) and Farhan Ansari (19) and were arrested from near Malviya Nagar metro station.
The police was reportedly acting on a tip-off and scanning through CCTV footage obtained from near the spot, it was learnt that two men wearing helmet fired upon Dilshad on Monday and immediately fled from the spot.
The police said the killing was the result of a rivalry over operating a parking slot in Jamia Nagar.
Dilshad and his nephews were arrested earlier for firing at some people related to Khan. Dilshad was released on bail on August 24, a police officer added.
Efforts are on to recover the weapons used for the commission of crime, the police officer added.
(with additional input from agencies)