The men, aged 19 and 24, are assisting detectives with their inquiries.
The deceased, believed by police to be in his late 20s, was found lying seriously injured near playing fields on Bute Drive in Perth at around 4.30am on Saturday.
He was taken by ambulance to Perth Royal Infirmary, where he died a short time later. The cause of death has not been established but it is being treated as suspicious.
A post-mortem examination is scheduled to take place today and the man's details will not be released until he has been formally identified. A report will be submitted to the procurator-fiscal.