The incident involving the 25-year-old woman happened during the loyalist march on Saturday on West George Street.
The arrested pair, aged 34 and 45, have been charged in connection with the incident.
They have been released and will appear in court at a later date.
A Police Scotland spokeswoman told the Evening Times: "Police Scotland can confirm that two men have been arrested following an investigation into reports of a 25-year-old woman being assaulted in West George Street, Glasgow on Saturday, July 6.
"The men, aged 34 and 45, have been arrested and charged in connection with the incident. Both men have been released and will appear at court at a later date."