The men, aged 67 and 68 from Rotherham and Barnsley respectively, were arrested on Wednesday (March 10) on suspicion of murder.
Richard Dyson was last seen by his 20-year-old daughter on November 15, 2019 and he was reported missing on November 25.
During a police investigation, it was established Richard was last seen on November 17 at around 11pm on Sheffield Road, Hoyland.
Officers now believe Richard was killed, despite no body being found.
A spokesperson for South Yorkshire Police said: “As you can imagine, this is an extremely difficult time for Richard’s family, including his daughter. Specially trained officers continue to support her, and I ask that you respect her privacy as she comes to terms with the news she has received.
“This investigation is progressing quickly, and I once again appeal to anyone who has information that may help to come forward. It’s not too late.”
If you have information that may help, please call 101 quoting incident number 459 of November 25, 2019.