Those arrested have been identified as Sunil, 44, from Rohtak of Haryana, and Parvej, 38, from Shamli of Uttar Pradesh.
Acting on a tip-off, police raided the flat in Kishan Kunj at around 9 p.m. on Sunday, to find the two organising betting on the final match of the Indian Premier League cricket tournament.
"While Sunil was attending a phone call, Parvej was writing rates in a diary," Omvir Singh, Deputy Commissioner of Police, East District said.
Police recovered two diaries containing transactions of the bookies with their clients, 77 mobile phones, a calculator, a brown briefcase, and a microphone from the flat, Singh added.
Police said they believe that a large network is involved and are investigating the matter.