Peyton Manning -- SUSPECTS ARRESTED in Papa John's Pizza Robbery

Peyton Manning is one step closer to JUSTICE ... 'cause Denver cops have arrested the two men suspected of robbing the QB's Papa John's restaurant at gunpoint last month ... TMZ Sports has learned.

Law enforcement sources tell TMZ ... 29-year-old Derrick Ervin and his older brother Jeremy Ervin were taken into custody last week ... after investigators connected them to the Nov. 17 robbery at Peyton's Denver-area pizza joint.

We broke the story ... 2 men entered the pizza joint with guns and demanded cash from the workers while the Denver Broncos were playing the Kansas City Chiefs.

We're told ... police believe the suspects are a criminal duo nicknamed the "Milli Vanilli Bandits" ... a duo suspected of robbing more than a dozen restaurants and other small businesses in the area.

The duo got the nickname because they bare a slight resemblance to the disgraced lip-synchers.