Ramji Gupta, a native of Bihar and P Ramakrishna, of Secunderabad, were nabbed from a house in North Lalaguda area here, they said.
The duo had stolen a double and a single barrel guns belonging to another security guard Bhupendranath Narayan Panday, who was hired by a jewellery shop.
Gupta, who earlier had a fight with Panday over some monetary issue, hatched a plan with Ramakrishna to commit the crime, police said.
Ramakrishna, on Gupta's directions, went to the jewellery shop at Panjagutta on January 15 and committed the theft of two guns by posing as a Crime Branch Constable, they added.
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