Police say Michael Rich and Gregory Lewis were arrested after being found in a stolen rental van.
The two men are suspects in an armed robbery that happened early Wednesday morning in the parking lot at Nash Hall.
University police say a student was robbed at gunpoint as she got out of her car.
Rich and Lewis are being held in the Orange County jail.
No shots were fired in the robbery, according to campus police, and no injuries were reported.
The incident occurred at about 1 a.m. in the parking lot behind Nash Hall, off Pittsboro Street between the building and Wilson Street.
A 28-year-old student reported being robbed at gunpoint of a large handbag. The handbag contained a video camera and case, audio and video recordings, a debit card and an identification card.