The two men, aged 21 and 26 years, were arrested in the Bangor Road area of the town.
Sergeant Young said: “We received a number of reports of two men attempting to gain access to motor vehicles parked in the Oakley Avenue and Dunville Link areas along with a report of a burglary in the Strathearn Court area, during which keys were stolen.
“Two men matching the descriptions provided by members of the public were arrested at around 2.30am, following a further report of an ongoing altercation beside the Bangor Road bypass.
“Both men have been arrested on suspicion of burglary and tampering with a motor vehicle. They remain in custody at this time.
“We would appeal to anyone in Holywood who noticed any suspicious behaviour, particularly in the vicinity of the above areas, or who may have CCTV or doorbell footage which shows anything unusual, to contact police on 101, quoting reference number 239 of 22/10/23.
Alternatively, you can submit a report online using the non-emergency reporting form via http://www.psni.police.uk/makeareport/
You can also contact Crimestoppers anonymously on 0800 555 111 or online at http://crimestoppers-uk.org