Your son has hit the terrific twos early. Mine did, too. I think if he knows he is doing something wrong he willprobably understand time out. When my son was that small I sat him down right where he was and did time out there so he would make the association between what he was doing and why he was sitting. He cried, so he definitely got that from my stern voice and the fact that I wouldn't let him get up he was in trouble.
I would sit him down right there, or if he ran take him back to the "scene of the crime", put what ever he was touching in front of him within his reach, and sit him down while you give him a very stern, "NO, don't touch it." While he is sitting there, keep sitting him down and every time he goes for what he wasn't supposed to touch say again, "No, don't touch it." When his two minutes are over, stand him in front of view, look him in the eye, hold up what he isn't supposed to touch and say, "Leave this alone, or you will have to sit down." Put the object away, give him a hug and something he can touch and walk away.
I think if you did it this way, he would definitely understand.