The other arrested person was the textile shop owner, police said, adding, they were taken into custody under various IPC sections including 341 (wrongful restraint).
They were remanded to judicial custody for 15 days.
The girls were caught and thrashed by the public after the owner, spotted them walking down the street on Monday and alerted the public.
Police, who rescued the girls, booked them under IPC section 380 (theft). The girls have been remanded to a women's government home, police said.