The men, aged 73 and 37, are accused of circulating the leaflet in south London in late January.
Britain is currently rolling out a mass vaccination program and more than 10 million people have been given their first shots of the COVID vaccine.
However, there have been a number of protests in the capital from opponents of the vaccine with experts warning that a sizeable minority of people believe conspiracy theories about the vaccinations or the coronavirus itself.
The 73-year-old is suspected of malicious communications and public nuisance, and the 37-year-old was arrested on suspicion of a public order offense. They have been released on police bail until a date in early March.