The men were to be placed on identification parades on Tuesday and Wednesday, according to police sources.
It was said that once identified, officials will be approaching the Director of Public Prosecutions for instructions on how to proceed in the matter.
The suspects, aged 26 and 36, were detained during a police exercise on Saturday.
Maharaj was stabbed to death on December 5 at his Arena Road, Freeport home.
His body was discovered by a female relative.
It is believed that he was killed during a home invasion gone wrong.