The 17-year-olds have been charged after a gelato shop was set on fire in Tarneit, in Melbourne's outer west.
The shop was found alight about 2.30am on Saturday and sustained significant damage before it could be extinguished.
Police allege multiple people fled in a Toyota Corolla later found dumped in the nearby suburb of Mount Cottrell.
The two Dandenong boys were arrested about 5am, with one taken to hospital after being bitten by a police dog.
They were charged with burglary, damage by fire and theft of a motor vehicle among other charges. They were both due to face a hearing on Saturday.
Another Melbourne teenager was charged on Friday after a stabbing in the city.
Police allege the 16-year-old boy stabbed a woman walking to work inside the M-City Shopping Centre in Melbourne's southeast about 7.50am on Thursday.
The boy was out on bail and has since been charged with theft, intentionally and recklessly cause injury, and assault with a weapon.
The Victorian government announced on Saturday it would expand the approved providers who can deliver sport programs to more than 30 priority schools in an effort lo tackle youth crime rates.
The initiative was aimed at keeping vulnerable kids engaged in sport to prevent boredom and isolation and stop crime before it starts, Deputy Premier Ben Carroll said on Saturday.
"It's often the dead zone after the school bell when ... idle hands can make for trouble," Mr Carroll said.
"These programs will operate inside school hours, outside school hours and on holidays."
The measures will be overseen by the state's Violence Reduction Unit, introduced to try and curb a growing rate of youth crime.
Opposition police spokesman Brad Battin said the coalition supported diversion programs but questioned the speed of the government's response to crime rates.
"The idea of crime prevention is to prevent it, not to wait until it's too late, and victims are racking up at 750 people per day," Mr Battin said.
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