Former Arsenal and Ipswich Town man Jay Emmanuel-Thomas, 25, has arrived on loan from Queens Park Rangers until the end of the season.
Dons manager Karl Robinson has also tied up a deal to sign the experienced Alex Revell, 32, on a free transfer.
The much-travelled Revell has a career tally of 90 goals, chiefly at Brighton, Leyton Orient and and Rotherham United.
He has scored just three times for Cardiff since signing a year ago, and was loaned to League One promotion hopefuls Wigan Athletic in November. He has also signed until the end of the current campaign, subject to international clearance.
Emmanuel-Thomas has scored five goals in 15 appearances since joining the R's in the summer, having last season hit 12 goals in 48 appearances to help Bristol City win promotion from League One alongside the Dons.
Robinson's side currently lie 20th in the Championship, just one point clear of danger.
Meanwhile, MK have released former Bayern Munich and Barnsley forward Dale Jennings by mutual consent after he made just two appearances since joining in the summer.
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Milton Keynes Dons have completed deals for two new Championship strikers late on transfer deadline day.