The men were detained in the Aspen Walk area of Dunmurry in the early hours of Wednesday morning.
The arrests were made after a 41-year-old man was shot in the leg in the area of Glasvey Drive just before midnight on Tuesday.
He was taken to the Royal Victoria Hospital for treatment to a gunshot wound to his leg.
Doctors initially describe his condition as “serious” but he is now said to be in a “stable” condition.
During a follow up inquiry, armed response police located two suspects with the aid of the PSNI’s helicopter.
Two men, aged 25 and 35, were arrested for attempted murder.
They were taken to the serious crime suite in Musgrave PSNI station in Belfast for questionings.
Police say the men have now been released on bail pending further inquiries.
The house at Aspen Walk where they were found was searched for firearms, ammunition and clothing.
Detective Inspector Martin Cummings is continuing to appeal for information about the shooting.
“I would appeal to anyone who witnessed the incident or anyone with any information that would assist with our investigation to contact detectives in Lisburn Police Station on 101.
“Information can also be passed anonymously via the independent charity Crimestoppers on 0800 555 111.”