Guida and Maia, both over 40 years old, are the first residents.
They will be provided with veterinary care and live out their lives in forested areas with pastures.
A US-based group bought the land to give the elephants a refuge as zoos in the region close and more laws prohibit the use of animals in circuses.
Both elephants are thought to have come from Thailand, where they were illegally taken to be used in circus, Brazil's G1 website reports (in Portuguese).
The Global Sanctuary for Elephants bought the land of 2,800 acres, for $1m (£820,000) to be paid over five years.
The area is located in the western state of Mato Grosso.
The first phase of the project will host up to six animals. The sanctuary will not be open for visitors.