The two French citizens were taken into police custody on Monday, after being detained at a refugee center in Salzburg, Austria's Kronen Zeitung newspaper reported on Wednesday.
The suspects, of Algerian and Pakistani descent, were allegedly posing as refugees using fake Syrian passports and are believed to have entered Austria with some of the Paris attackers in October, after traveling along the Balkan migrant route, according to the news outlet.
Austria's police was able to track the suspects after receiving a tip-off from a foreign intelligence agency, a source told the newspaper.
Austria's state prosecutors have refused the newspaper's request for them to comment on the details of the case.
The incident, along with two more recent arrests in Austria's migrant transit zone, is the latest in the series of Europe-wide counter-terrorist operations against domestic and foreign suspected terrorists.
The November 13 terrorist attacks in Paris killed 130 people, and injured over 360. The Islamic State jihadist group, operating mainly in Syria and Iraq, and outlawed in many countries, including Russia, claimed responsibility for the attacks. Most of the perpetrators were Belgian and French citizens.