Copperbelt Police Commissioner Charity Katanga has named the arrested as Valen Bwalya, 29, Rueben Mwansa, 36, both of Ndola District.
Katanga said the two were picked up in a Toyota Collora while three others managed to escape from police.
She stated that after interrogations, the two helped lead to the arrest of two more among them master minder of the theft in Ndola District.
Katanga said police also impounded a Land Cruiser laden with emeralds and arrested the owner of the motor vehicle Ray Kasungulu, 45, of Luangwa Township in Kitwe.
She said the thieves, who were armed with iron bars broke into the warehouse at Continental Mining Africa after beating up the security guard who was manning the premises.
Katanga further stated that emeralds weighing 20 kilograms have since been recovered during the operations.