Shang Liming, 30, and Wei Qinlei, 24, were arrested at Siam Paragon on Friday evening while they were trying to buy a Bt59,000 camera.
Siam Commercial Bank (SCB) staff alerted police after discovering the credit card was a fake.
Tourist Police Division commander Maj-General Apichai Ti-amataya said following the arrest police searched the suspects’ room at a nearby hotel and discovered 28 fake credit cards, one skimming device and many other tools.
“After entering Thailand on September 27, they used credit cards to buy many designer shoes and bags, gold, and more,” he said.
Police said the damage bill for SCB alone was over Bt200,000 and other banks might be affected too.
The two suspects reportedly told police that they had planned to use the products themselves and claimed that this was the first time they had used fake credit cards.
Police are searching for their friend.