Cabral - one of Latin America's most respected folk singers - was being driven to the airport in Guatemala City when his car was ambushed on Saturday.
He was shot dead and the music promoter travelling with him, Henry Farinas, was seriously injured.
Police say the suspects were caught after being identified from hotel surveillance videos.
Prosecutor Claudia Paz y Paz said the two - named as Elgin Vargas Hernandez and Wilfred Stokes Arnold - had been following Mr Farinas and probably did not know who Cabral was.
They were arrested on separate raids in Guatemala City on Tuesday. Police are continuing to search for others believed to have been involved in the attack.
Organised crimeGuatemalan President Alvaro Colom said the evidence suggested Mr Farinas was the target of the attack.
Cabral's coffin was put is on display in Buenos Aires"It's evident that the attack came from organised crime and that's what we are investigating," he told Mexican Radio.
Mr Farinas, a Nicaraguan national, remains in hospital. Prosecutors say he has no criminal record and the motive for the shooting remains unclear.
Earlier on Tuesday, the body of Facundo Cabral was flown back to his native Argentina, where he became famous in the early 1970s as a protest singer.
His widow and nephew were accompanied by Argentine Foreign Minister Hector Timerman to receive his coffin.
He was due to be cremated on Wednesday.
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