According to the police, Arya had been running the sex racket for at least four years.
Mumbai Police arrested a casting director in Versova late on Tuesday for allegedly pushing aspiring actors into prostitution.
The Social Service Branch of the Crime Branch contacted the accused, identified as Navin Premlal Arya (32), through a decoy customer after receiving information that he was operating a sex racket and arranged to meet him outside a popular cafe.
Officers said two women, aged 18 and 24, were rescued. They are natives of West Bengal.
According to the police, Arya had sold them into the flesh trade for Rs 60,000 each.
Inspector Sandesh Revale said Arya was running the sex racket for at least four years. He was booked under the Immoral Traffic (Prevention) Act.