The buses belonged to Sharda University, Noida and Gurugram-based Al-Falah University.
"The accused have been identified as Dinesh, a driver with Sharda University, and Sarabjeet, who drove Al-Falah University's bus. They were arrested from the spot," Deputy Commissioner of Police Romil Baaniya said.
The accident happened at 8.00 AM in South Extension area of south Delhi, when the buses were ferrying students to their universities.
"During investigation, the police found that the accused were driving their buses in a rash and negligent manner. They were racing and tried to overtake from the wrong side and collided with a rider identified as Manoj Kumar Saini, and another biker Shashank," Mr Baaniya said.
Mr Saini worked with a courier company and was going to deliver couriers, he said.
"A case of causing death by negligence and rash driving on a public road have been registered against the bus drivers," Mr Baaniya said.
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