The Sun reported investigators found the suspects in possession of swords, rope and a body bag near the 24-year-old singer's home after worried neighbors saw them and called the police.
The recording artist reportedly was not at home at the time.
The men's names were not released, but their ages were given as 33 and 30. They are believed to have come from Manchester, which is about 200 miles away from Devon, the newspaper said.
Police told The Sun the men were initially held on suspicion of possession of offensive weapons and being equipped to steal.
"The men had information and items that lead us to suspect that they may have intended to commit a criminal offense," Detective Inspector Steve Parker told the newspaper.
Notable deaths of 2014 [PHOTOS]