Captain Frederick van Wyk said the arrests took place during an undercover operation in Green Point on Friday morning.
The pair are due to appear in Cape Town Magistrate's Court on Monday.
"We have reason to believe that a number of people may have purchased these fraudulent entries to the event scheduled for tonight [Friday] and tomorrow night [Saturday], and will not be allowed entry," Van Wyk said.
According to a statement by event organiser espAfrika on the festival's website, more than 1 000 tickets have been purchased using stolen or fraudulent credit cards.
"It is possible that members of the public who did not purchase their tickets directly from a legitimate Computicket sales channel may be in possession of a ticket purchased fraudulently," espAfrika public relations manager John Boyd said.
"The bulk of these tickets purchased fraudulently were purchased in Gauteng."
The organiser had the full details and barcodes of the affected tickets and would be able to identify them at the entrance to the Cape Town International Convention Centre.
Boyd said those with a wristband only (no accompanying ticket) would not be allowed entry and risked being arrested. – Sapa