The accused, who claimed to work with local publications, have been booked for armed dacoity, said Palghar DSP Manjunath Shinge.
They waylaid the trader when he was on his way to Jawhar town on his two-wheeler on September 21 at around 4 pm, he said.
They robbed him of his ornaments and cash, collectively valued at Rs 2.75 lakh, after brandishing a revolver, said the police officer.
The victim, Ramesh Rathad, initially did not lodge a complaint as the robbers had threatened to harm him and his family if he did so, he said.
Acting on the 34-year-old's complaint, police arrested the accused yesterday, he said.
They were produced before a local magistrate who remanded them into police custody till November 17, the police added.
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