The two bald men, one of whom was found with his head cut off and organs removed, were killed in the central Zambezia province, AFP news agency reports.
"Last month, the murders of two bald people led to the arrest of two suspects," national police spokesman Inacio Dina said at a news conference in the capital, Maputo.
"Their motivations come from superstition and culture - the local community thinks bald individuals are rich," he said.
In Maputo some people hold the false belief that bald people have gold in their heads.
The phenomenon of targeting bald people in ritual killings had not been reported before, he adds.
The suspects were two young Mozambicans who told police that the organs were to be used by healers in rituals to promote the fortunes of clients in Tanzania and Malawi, Miguel Caetano, a spokesman for the security forces in Zambezia, was quoted by AFP as saying.