They were detained by detectives from the Serious Crime Branch on Thursday in connection with dissident republican terrorist activity.
A first suspect, 23, was arrested in the evening while another man, 41, was arrested later that night.
They are both being held at Antrim PSNI station.
A police spokesperson said that a number of suspect items were recovered from the scene of the alert at Britannia Crescent.
Earlier, police said dissident republicans could be linked to a blast on the same street on Wednesday night which damaged a fence outside a house.
The explosion happened shortly before 11pm.
Britannia Crescent is closed to traffic at its junction with the Seahill Road.
Oliver McMullan, Sinn Féin MLA for East Antrim, said he is requesting an urgent meeting with the local PSNI commanders to find out why officers declared a security alert in the area one day after the initial explosion.
"I would like to know if there was danger to the local community during this time," he said.
Stewart Dickson, Alliance MLA for the area, has expressed concern over the blast being linked to dissidents.
"There is no place in our society for any sort of violence. People want to go about their daily lives without the fear of attack. I would urge whoever is responsible for this explosion to stop their activities before somebody is killed.
"The Police need the co-operation of the public, so I would urge anybody with any information about this explosion to contact them," he added.