Police say the 36-year-old victim attacked in the Slieve Dubh area off the Upper Springfield Road around 8.30 pm on Monday as he went to work.
The two men who were arrested are aged 25 and 32.
Sinn Fein west Belfast MP Paul Maskey described the attack as “cowardly and senseless”.
“It saddens me that a man was subjected to a racist attack and set upon by a number of men in west Belfast while he was on his way to work simply because of the colour if his skin,” he said.
“This attack needs condemned in the strongest possible terms. Our thoughts are with the victim of this cowardly and senseless attack.”
Police have appealed for anyone with any information about the attack to get in contact with them on the non-emergency number 101.