Sterling missed England's 3-0 win against Senegal at the World Cup round of 16 on Sunday following a break-in at his Surrey home.
Surrey Police said in a statement: "Two men were arrested on suspicion of attempted burglary last night (6 December) in the Oxshott area. They are currently in custody.
"Following reports of suspicious activity around 6.40pm, a number of resources were deployed, including the dog unit and the police helicopter. Our colleagues from British Transport Police also provided assistance.
"Enquiries remain ongoing to establish whether there are any links between these arrests and the break-in reported to us over the weekend."
There is still no return date set for Sterling, with England set to face France at the quarterfinal stage of the World Cup on Saturday night.