The arrests happened after officers from the Paramilitary Crime Task Force stopped and searched two vehicles on the M1 Eastbound shortly before midnight on Thursday.
The two males, aged 36 and 49, were taken to Musgrave Police Station for questioning.
They have now been released on police bail pending further inquiries.
Searches were also carried out on properties in west Belfast and Fermanagh.
The PSNI, HM Revenue & Customs and the National Crime Agency have established the Paramilitary Crime Task Force to tackle criminality linked to paramilitarism as part of the Executive’s action plan on tackling paramilitary activity, criminality and organised crime.