One man, aged 19, is from the Northern Constabulary area while the other, aged 22, is from the Strathclyde area.
They were arrested following a joint operation in the Northern Constabulary and Strathclyde Police areas, whose officers were assisted by Grampian Police and the Football Co-ordination Unit for Scotland (FoCUS).
The third division game at Balmoor Stadium in Peterhead on August 11 was Rangers' first league fixture outside football's top flight.
Rangers drew 2-2 with Peterhead.
It came after Falkirk suspended their PA announcer for making "inappropriate" comments about Rangers at the weekend.
The Irn-Bru First Division side have also apologised to the Ibrox club and launched an investigation into the incident.
The stadium announcer, named today as Dave McIntosh, reportedly referred to Rangers as "Sevco Franchise" when reading out half-time scores during the interval at Falkirk's game against Raith Rovers on Saturday.
The remarks make reference to Sevco Scotland, the name of the firm which took over the business and assets of Rangers in the summer after the club was liquidated.
Shareholders voted in favour of owners Sevco Scotland changing its name to The Rangers Football Club at an extraordinary general meeting in July.
A statement by Falkirk chairman Martin Ritchie on the club's official website read: "It has been brought to our attention that our PA announcer made some inappropriate comments about Rangers at half-time on Saturday.
"We have already apologised to Rangers FC and would now like to apologise to the many Rangers supporters who have been in contact with the club.
"Falkirk FC are treating this incident very seriously and the individual concerned has been suspended from his duties, pending a full investigation by the club."
The clubs face each other tonight in the second round of the Ramsdens Cup at the Falkirk Stadium, before meeting again in the Scottish Communities League Cup at Ibrox next week.
When asked about the comments, Rangers boss Ally McCoist said: "I couldn't give a monkey's to be honest with you.
"If he wants to have a wee dig, he can have a wee dig. I don't have a problem with it at all.
"It's probably not the right thing to do, I'd have to say, but I've got far bigger things to worry about than that."