Police seized mobsters Giuseppe Ferraro, 47, and Giuseppe Crea, 37, in Calabria region Friday, according to Italian news agency Ansa.
Ferraro was found guilty of murder and Mafia association decades ago, and had been a fugitive since 1998.
Crea was convicted of Mafia association and had been on the run for nine years, according to the news agency.
Their hideout had an array of weapons, including rifles, pistols and machine guns.
"Today is another great day for everyone and for the country because justice has won," Interior Minister Angelino Alfano said after their arrest.