Hood says 50-year-old Rajinder Singh of Madison was arrested Wednesday at his Fuel Time gas station in Jackson.
He also says 51-year-old Kuldip Singh of Natchez was arrested at his business, Roxie Truck Stop in Franklin County.
It was not clear whether the men are related or whether they have attorneys.
Mississippi's price gouging law prevents a merchant from increasing the average profit margin on products until a state of emergency executive order is lifted.
Hood accuses Rajinder Singh of charging 17 cents over his usual profit margin at the station.
