The two accused, Shafi Muhammad and Aslam Pervez, were presented in court where the witnesses identified them before the judicial magistrate.
Earlier, Nine suspects, who had allegedly confessed to being involved in the carnage, were acquitted because of a lack of evidence and witness testimony.
On October 19, six armed motorcyclists entered the Shershah scrap market and opened indiscriminate fire, in which at least 12 people were killed on the spot and 14 others were injured.
Target killers arrested
Police arrested three people in connection with target killings and seized a cache of arms and ammunition from their possession.
Deputy Superintendent of Police (DSP) Wasif Qureshi said the target killers, Amjad Saeed alias Doctor and Ismail Shah, were arrested during an operation in the Shahrah-e-Noor Jehan area.
Two of the arrested men were wanted in target killing cases and are suspected of killing 12 people.
Police also arrested an illegal weapons dealer, Shahid Mehmood, after receiving tips from the arrested men. Police recovered large amounts of arms and ammunition from Mehmood's custody.
Qureshi said the accused was smuggling arms into Karachi from Balochistan.
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