Police said in a statement yesterday the men, identified using leads from Indian authorities and the Federal Bureau of Investigation, sent funds overseas using the money transfer business they owned in the north Italian town of Brescia.
Shortly before the Mumbai attacks, the two men transferred money to pay the Internet phone calls of individuals in direct contact with the militants, the statement said.
The 10 gunmen attacked several targets in the western Indian city last year including two plush hotels and a Jewish centre. The incident frayed already tense ties between nuclear-armed neighbours India and Pakistan.
Two other Pakistani citizens were arrested in the investigation, accused of links to illegal people trafficking.