Israeli and Thai officials have said the plot was aimed at Israeli diplomats in Bangkok, although Iran denied the allegations and neither defendant was charged with terrorism or attempting to kill Israelis.
A Thai court sentenced 29-year-old Saeid Moradi to life in prison for attempting to murder a police officer and possessing explosives that damaged property and injured several civilians, and handed 43-year-old Mohammad Kharzei 15 years for possessing explosives.
They were detained in February last year, shortly after a cache of homemade explosives accidentally blew apart their villa.
Both had claimed innocence, saying they had been unaware of the explosives in their home.
Defence lawyer Kittipong Kiattanapoom said he would consult both men and their families to find out if they want to appeal.
Moradi lost his legs as he tried to flee the villa on a crowded Bangkok street.