The two men -- Ashish from Vasundhra in UP's Ghaziabad and Nitin from Shahadra -- were arrested late last night.
Ashish, who is already married, posed as a prospective groom before a girl whose family had posted a matrimonial advertisement in a newspaper.
He defrauded nearly Rs 3.5 lakh from the girl's family which later discovered that he was already married, a senior police official said.
He cheated a woman of Rs 5,000 but she later came to know that Nitin also had a child and had not divorced his wife as claimed by him.