Scores of foreigners had joined Vietnamese football fans on the streets of downtown Ho Chi Minh City to celebrate the AFF Suzuki Cup win Saturday night in Hanoi.
Many partied well into the early hours of Sunday.
A pair of patrolling police officers got suspicious and followed the duo, who were on a motorbike in the popular backpacker area in District 1.
The men approached Jack Sanders, 34, a Canadian man standing in front of a house on Bui Thi Xuan Street and tricked him into joining them on their motorbike to celebrate.
He agreed and went with them.
They took him to a nearby alley, grabbed his phone and escaped on their vehicle. The two officers immediately gave chase and took them down.
The two, Le Thanh Duong, 23, and Nguyen Minh Canh, 27, are in custody, the police said, adding they dressed as women to lure unwary foreign men.
HCMC, Vietnam's largest metro, is one of the most visited destinations in the country, but its charm is being undermined by street crimes, chaotic traffic and pollution.