However, the duo released the child last evening after they developed cold feet on learning that the police are picking up their trail.
The accused are identified as Roshan Shinde (20) and Akshay Jaamdare (21).
The boy, identified as Om Kharat, the son of a businessman based in Pimpri-Chinchwad township, was kidnapped from the parking area of their house on Saturday evening. According to police, the kidnappers demanded a ransom of Rs 60 lakh from the parents of the boy.
However, after they came to know that police are on their trail, they panicked and released the boy in the same area last evening and informed his father, a top police officer said.
"One of the accused, Jaamdare, used to work as a delivery boy in the firm run by the boy's father Sandip Kharat whereas Shinde used to own a driving school. However, due to losses in the business, he shut down the business," city Police Commissioner Rashmi Shukla said.
She said Jaamdare and Shinde hatched a plan to kidnap Om to earn fast money.
"They recceed the house of Kharat and purchased a used phone. They stole a sim card to execute the job," the police commissioner said.
"While they were constantly travelling with the boy, they made ransom calls to the family and demanded Rs 60 lakh. They also threatened of dire consequences if the police are informed," she said.
Ms Shukla said the police proceeded cautiously considering the sensitive nature of the case.
"As many 400 police personnel, including senior rank officers, were put on the job to trace the boy and that made the kidnappers develop the cold feet," she said.
The duo were arrested from a hotel in Nigdi on a tip-off.
Police claimed that kidnappers even tendered an apology to Om's father after releasing him.
"Both have been arrested under the relevant sections of the IPC and will be produced in the court on Wednesday," said senior police inspector Vijay Palsule of Nigdi police station.