Police say Wayne Cloud and Deprece Tribble are being held on tentative bank robbery charges at the Rock County Jail.
Police believe one of the men presented a threatening note to a teller at the First National Bank on Madison Road. The suspect then left the bank with an undetermined amount of money and ran to a waiting car.
The car was later spotted in front of a house. Police searched the house and made an arrest. During another search at a house on Beloit's west side a second suspect was taken into custody.
Investigators say they are also looking into a possible connection with a robbery that took place on December 7 at the First American Credit Union.