According to the public broadcaster SABC, two men were being held for questioning after they were arrested in Nongoma, in the eastern KwaZulu Natal province.
Police in Johannesburg could not immediately confirm the arrest.
The SABC said the suspects were nabbed following a tip-off by members of the public.
The 27-year-old goalkeeper was shot dead late Sunday when burglars broke into Kelly Khumalo’s house in a township some 30 kilometres (20 miles) south of Johannesburg, making off with a cell phone.
Police have offered a reward of 250,000 rand ($23,000) for any information leading to the killer’s arrest.
Meyiwa will be buried on Saturday in his home town in Durban.