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The 18 and 20-year-old, both from Papatoetoe were dressed in blue boiler suits and flanked by police officers when they made a brief appearance at the Manukau District Court.
Judge Jonathon Moses granted the pair name suppression and turned down media applications to photograph the pair in the dock.
Police and the pair's lawyer John Munro argued the police investigation was at an early stage and identifying the pair could harm fair trial rights.
Mr Prasad's family were told of the arrests last night as they neared the end of the traditional two-week mourning period.
Police turned to criminal profilers for clues to why a gentle man who loved his family was burned alive on the side of the road.
Mr Prasad, 21, was found on McRobbie Rd in Kingseat south of Auckland on Thursday, January 31 - several hours after he withdrew tens of thousands of dollars from his bank account and left his Rav 4 outside an industrial building in Papatoetoe he had no connection with.
Police believe the supermarket worker was alive when he was set alight.
Older brother Pravin, 27, pleaded for someone to come forward with information at an emotional press conference last week.
"He was a great person and he still should be with us."
The killing had hit the family like a "trainwreck".
"The death of my brother has really shattered our lives, we've lost our favourite Shalvin."
Last night, Detective Inspector Dave Lynch said that although police were pleased to have made early arrests there was still a lot of work for them to do.
Police were still seeking items belonging to Mr Prasad. They included his car key, house key, a steering wheel lock key attached to a single plain ring with a piece of paper attached with either Rav 4 or ZG1674 written on it, a wallet of black and white imitation leather with a puzzle design, an ASB eftpos card and his driver's licence.
They were also interested in any sightings of a distinctive lime green 2008 Holden Commodore SV6 and/or a 2001 silver/grey Nissan Bluebird Sylphy between Papakura and Kingseat between 9pm on January 30 and early January 31.
Any information in relation to the investigation can be given to police on 09 295 0311 or anonymously to Crimestoppers on 0800 555 111.