The arrested men were identified as Shahnawaz Khan (22), Jahangir Sheikh (28), Prafull Gaikwad (36) and Ratan Singh. Another accused in the case is yet to be arrested.
On the night of September 17, the accused robbed Mukesh Sanghvi, a jeweller, at Carnac Bridge in south Mumbai when he and two of his colleagues were heading for Chhatrapati Shivaji Terminus in a taxi.
As the taxi reached Carnac Bridge, the driver, Shahnawaz Khan, pulled over saying he had to respond to nature's call.
Police arrested Prafull, the alleged mastermind, from Mira Road area as he was going to sell his share of the loot. After his questioning, police nabbed the other three accused, said DCP Sandeep Karnik of Zone 2.
Police also recovered "a part" of the stolen jewellery, worth Rs 45 lakh, and were probing if any insider was involved in the crime, said DCP (crime) Mohankumar Dahikar.
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