The accused were identified as Ramtirath Singh, the kingpin, Baljit Singh, Jagseer Singh and Gurdeep Singh, all residents of Bathinda district, police said.
However, two of the alleged gang members managed to escape after police on a tip-off swooped on them at Phulewala canal bridge near here, they said.
The gang was preparing for a strike in areas of Nihal Singh Wala and Bagha Purana here.
Besides a luxury car, allegedly stolen, police also seized two country-made revolvers of .315 bore with live cartridges and sharp-edged weapons from their possession.
The arrested gang members were on bail in various cases, they said.
