The 17 year old from Drogheda, Co. Louth was killed and his body dismembered in January.
The remains of Keane Mulready Woods were discovered in a sports bag dumped in a residential area in Coolock, Dublin and in a burnt out car abandoned in Drumcondra.
It's believed the abduction, murder and dismemberment of the victim is related to a gang feud in Drogheda.
The two suspects arrested today are being held in Dundalk and Mountjoy Garda stations.
A man in his 40s was arrested earlier this week and he remains in custody at Drogheda Garda station
He's suspected of being involved in the murder and being part of a criminal gang.
