Locals became suspicious when they saw the two women were pulling the heavy trolley bag close to the Kumartuli ghat early in the morning.
A headless body was found inside the trolley bag after it was opened.
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Police later reached the spot and detained the two women.
An eyewitness told the media: "We saw the women arrive in a taxi and they were carrying the heavy trolley bag with them."
Another eyewitness said: "Initially, they claimed they were carrying the body of their pet dog."
"We saw the trolley bag was containing the body of a woman. The body was cut into several pieces," she said.
The identities of the two women are still not known.
Locals claimed the women identified themselves as mother and daughter.