The bikes were stolen from Gilead Street, Bulwell, on Saturday, June 11 and from Barker Gate in Nottingham, on Tuesday, June 14.
Officers acting on intelligence later attended an address in Bulwell and recovered one of the stolen bikes.
Two men, aged 26 and 23, were arrested on suspicion of theft.
Enquiries are ongoing.
Sergeant Glenford Spencer, of Nottinghamshire Police, said: “These kinds of thefts have a considerable impact on victims and also drive up insurance costs for everyone else.
“This was a really great bit of work by the response and firearms officers who responded to and investigated this case.
“I am pleased we have now arrested two suspects in this case and have been able to return one of the bikes to its rightful owner.”
The arrests come as Nottinghamshire Police this week celebrates the second national ‘response policing week of action’, which runs until Sunday, June 19.