The Maharashtra Anti-Terrorism Squad has recovered three country-made revolvers and 16 live cartridges from two persons.
The accused were identified as Pradeep Keshav Narvade, a resident of Mhada colony here and Raka Singh Rajasingh Junni, a resident of Partur.
Assistant police inspector Sheetalkumar Ballal said he had received a tip-off that the duo were coming to sell the country-made revolvers at Panibees area yesterday.
Police laid a trap to arrest them. Seeing police, the accused fled on their motorbike but were caught after a chase and arrested.
Such revolvers cost Rs 70,000 to Rs 1 lakh apiece, he said. Further probe is on.