Officers arrested the boys, aged 15 and 16, last month after they were found in a disused building at Engelhard Industrial Estate on Valley Road.
Both were in possession of lighters and were arrested at the scene. They were released under investigation after being interviewed about the arson incidents.
There have been 55 reports of arson incidents in Cinderford since January this year. Many have taken place in the Valley Road and Engelhard estate areas.
Officers have been working with schools and carers to highlight the dangers of starting fires deliberately. There have also been regular patrols of the area and stop searches where grounds allow.
Sergeant Nick Wheeler, of the Neighbourhood Policing Team said: “We have been using plain clothed and high visibility patrols as part of this and will continue to do so in order to catch those responsible and bring them to justice.”