The men, aged 36 and 37, were arrested on Monday in the Rotherham area.
South Yorkshire Police said the arrests were part of an investigation into allegations of child sexual exploitation in Rotherham.
Three men, aged 35, 38 and 39, arrested in Goole, East Yorkshire, in November as part of the same inquiry remain on bail.
Two men arrested on suspicion of sexual offences against underage girls between 1994 and 2003 have been bailed.