Victorian Arson and Explosives Squad detectives raided the outlaw motorcycle gang's clubhouse on the outskirts of Ballarat on Friday.
A series of warrants were executed in relation to the firebombing of The Boss tobacconist at Melton in outer Melbourne on September 3.
CCTV footage captured the moment two men got out of a white car with jerry cans before a ball of flames engulfed the pair.
One of the men was still on fire as he got back into the ute and fell out onto the road as it drove off, leaving him behind.
Burnt clothing, including a single Nike shoe, could be seen left in the car park.
The 23-year-old was flown to Melbourne's Alfred Hospital, where he remained in a critical condition with significant injuries on Friday.
A 32-year-old Delacombe man, who is also a patched member of the Bandidos, was taken into custody along with a 42-year-old Melton man in Friday's police raids.
The arrests follow another suspicious pre-dawn fire at a shop in Taylors Lakes.
Police nabbed the men following a pursuit through multiple suburbs in Melbourne's west, where they eventually dumped the vehicle in Brookfield.
They fled on foot and were arrested nearby a short time later.
The 42-year-old Melton man was interviewed and released pending summons.
Police allege the 32-year-old was also involved in the September 3 fire at Melton.
He has been charged with recklessly causing serious injury, aggravated burglary, criminal damage by fire, reckless conduct and destruction of evidence.
In relation to the alleged pursuit, he is further accused of dangerous driving and possession of a firearm and of methylamphetamine
He has been remanded to appear at Melbourne Magistrates' Court in December.
Detective Inspector Chris Murray said the Melton blaze didn't just damage the property.
"It has also had an enormous impact on one of the people involved, who remains in hospital and will never be the same again," he said in a statement on Saturday.
"Should the individual who suffered significant burns succumb to his injuries, we intend to hold those who planned and assisted with the arson, personally responsible.
"Again, this offending comes with enormous risk and let me assure you, that risk just absolutely is not worth it."
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