"Abhuday Singh and Jitendra Singh were arrested for robbery in a Bank of Baroda branch on November 29 in Kanpur," said Arun Kumar, ADG, Law and order.
He told reporters that both the youths are students of BTech in a local engineering college.
One of their associates is a student in New Delhi and had helped them in getting arms, he said.
"Rs 18.59 cash was recovered from the duo besides two country made pistols, two dozen cartridges and a cycle, which they used to carry the money from one place to other," the officer said.
The duo, after committing the robbery, had set afire the motorcycle they used for crime, he said.
The hunt is on to nab the absconding associate of the two accused, he said.