The pair allegedly held a 64-year-old man hostage and bashed him at a business in Milperra, southwest Sydney before escaping with cash and property on 15 August.
Members of the public found the victim with serious injuries sustained to his face, arms and legs. Â He was later taken to hospital.
Officers had a breakthrough in the case, raiding and arresting two men on Tuesday morning at two separate addresses.
The men, aged 42 and 46, were both charged with aggravated robbery, depriving a person of liberty and failing to disclose the identity of a driver or passenger.
They were both refused bail and are due to appear in court later on Wednesday.
Detectives released CCTV images on Wednesday of another man who they believe may assist with their investigation under Strike Force Magmaas.
Wearing a high-vis yellow and black hoodie, black pants and black gloves, he was seen walking past a fence in the nearby suburb of Padstow at 4 pm, about an hour after the alleged kidnapping.
Several kidnapping attempts have taken place across Sydney recently including that of grandfather Chris Baghsarian who was taken from his home in February in a case of mistaken identity.
The 85-year-old was allegedly killed at a makeshift stronghold in Dural, on Sydney's northern outskirts, before his body was found dumped nearby.
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