The five suspects shot their guns into the air after their cock, Pla Mor Khang Dam, lost to its opponent Petch Morakot on Saturday before fleeing. They were supposed to pay 1.1 million baht to five people who had bet on the winner.
The gunshots scared people in the stadium, with more than 50 running to safety. Nobody was injured in the incident.
Police investigators said that two Ratchaburi natives, identified as Itthipol and Somkuan, both 46, were taken to Bang Len Police Station on Sunday evening for inquiry.
The duo face the charges of attempting to kill, possessing guns and ammunition without permission, carrying guns in public and shooting without reason.
Police say they have launched a manhunt for the remaining suspects and hope to nab them soon.