The men, identified as Affan and Chand, hail from Uttar Pradesh's Muradnagar and have been involved in more than 100 criminal cases.
Three men had robbed a family at gunpoint in Model Town in north Delhi on June 30 and a medical shop in New Friends Colony in south Delhi on June 2.
A CCTV footage of the crime in Model Town had gone viral and on the same night they had fired at the police.
"We had a tip that they will be coming to Jyoti Nagar. We laid a trap and arrested them. Their third associate has been identified and teams have been formed to nab him," Deputy Commissioner of Police Atul Kumar Thakur said.
"One semi-automatic pistol, one country-made pistol, six live cartridges were recovered from their possession. The bike they were riding on was also found," he added.
The accused said they used to come out from their hideouts at midnight and target places in and around the Ring Road. Police said their modus operandi was to steal two-wheelers and use them for committing other robberies.
Police sources said the accused were out on bail in a robbery case they had committed in May. In the past one-and-a-half months they committed more than 15 armed robberies. They had three-four hideouts in the NCR and kept changing places to avoid arrest.
"The accused wanted lavish lifestyles which made them commit robberies to earn quick money," said a senior police officer.
Residents of Model Town say there is lack of policing in the area.
A resident Abhishek Yadav said: "Even after being out on bail they continued committing crimes, leading to fear in the public. They had even fired on police so they can fire on general public as well. The police should keep a watch on the criminals out on bail."
( With inputs from IANS )