Police were alerted that the bands, which say VIP, were being sold through social networking sites for over £200.
Those who bought wristbands are now being warned they will not be able to gain access to the music festival site at Balado, near Kinross, in July.
Anyone who believes they have bought a bogus wristband is asked to contact Strathclyde Police.
The men who were detained by officers from the force's major crime and terrorism investigation unit are aged 23 and 56. Det Insp David Perrit said: "This fraud will undoubtedly be a real shock for music fans who thought they were buying a genuine wristband for this year's festival.
"We believe there may be more people who have been scammed by these two men, so I am asking anyone who has bought one of these bands to please contact police.
"These bands do not look anything like the genuine article so, if you have bought one or been given one, please do not go to Balado or try to get access to the festival, as site security are aware of these bands and you will not get into any part of the site. Please do not even risk it."
Geoff Ellis, festival director, said: "As always, we urge fans only to buy T in the Park tickets from official outlets to avoid becoming the victims of fraud.
"Fans who are duped into buying counterfeit tickets and wristbands will not gain access to the festival and will also be left severely out of pocket.
"We continue to work closely with the police to ensure that those who scam music fans and peddle fake tickets are brought to justice."
Source: BBC News