The nest on the Leeds Liverpool Canal towpath in Shipley, Bradford, was damaged and eggs stamped on, in what is suspected to be a deliberate and mindless attack earlier this month.
All the eggs were completely destroyed in the attack, thought to have taken place between July 2 and 4.
The damage was found a few days later and police have since said evidence suggests the attack was deliberate.
A spokesman for West Yorkshire Police stated on Saturday that two arrests had been made.
The spokesman said: "On Sunday 7th July 2019 Police received reports that a number of Swan eggs had been damaged on the tow path on the Leeds & Liverpool Canal in Shipley.
"Officers from the Shipley Neighbourhood Policing Team identified two suspects who have since been arrested in relation to the matter. These suspects have been released under investigation whilst enquiries are ongoing.
"We are unable to make any further comment on this matter as it is a live investigation if you have any information please call 101 and quote reference number 13190347306."