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The two men are allegedly members of the Black Panthers and live in the greater St. Louis area.
Tensions in Ferguson have risen in recent days as the community prepares for a verdict from the grand jury on whether or not officer Darren Wilson will be charged for the killing of Michael Brown, a black teenager who was unarmed at the time.
The two men were arrested in an undercover operation and reportedly intended to use the explosives to buy pipe bombs.
The suspects' names were not released. Both were arraigned in federal court on Friday.