The men are being questioned over an incident on Thursday night, when damage costing thousands of pounds was caused.
A 1969 tapestry of the Royal family was vandalised and police believe it may have been thrown overboard.
There was also damage to the ship's entertainment area, crew toilets and a lifeboat. The men were held after the ship docked in Southampton on Saturday.
Hampshire police are questioning them at Southampton Central Police station.
Officers are appealing to anyone who may find the tapestry, which was commissioned to mark the QE2's launch, to make contact.
They say it could be washed up on shore or picked up by fishermen.
The cruise liner docked alongside the Queen Mary 2 on Saturday in Southampton, on their first UK visit of the year.
It was only the second time the two ships had been in their home port together in their history.
A witness described it as a "fantastic sight".
The QM2, the flagship of the British merchant fleet, was in port after returning from a six-month Caribbean season on Saturday morning.
It saluted the QE2, the former flagship, as it left for a transatlantic trip.
The QE2 had just completed her 23rd world cruise, and left soon after the QM2 for a Mediterranean cruise. "
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