The men were arrested earlier today following an appeal by Garda Supt Kevin English.
Both men are understood to be in their 20s and were apprehended in Carndonagh.
The arrests follow the theft of two buses in Moville and Carndonagh.
The buses were driven to Malin where a number of ‘doughnuts’ were performed on the town’s green area.
It comes at a time when Malin is due to be visited by judges from the Tidy Towns contest.
People expressed their horror yesterday at the crime.