The arrested persons were identified as Rabindra Moharana (28), an electrician of Chanduli in Hinjili police station limit, Jitendra Kumar Sahu (22), a driver in Kailash Nagar here and Panchanana Bhuyan (33), a mason of Baulajholi village, police said.
The knife and the motorcycle, used to commit the crime were also recovered from them, police said.
The slain 'Mahanta' was identified as Ananda Bisoi (62).
Rabindra, the main accused allegedly stabbed the mahanata on August 24 night, as Jitendra threw 'chilli' powder on his eyes, said inspector-in charge of Sadara police station AK Sethi.
Long dispute between the deceased and Rabindra over a piece of land in the village was stated to be the reason behind the incident, police said.
According to investigation, Rabindra hatched the conspiracy to eliminate the Mahanta who allegedly did not allow him to construct a house in the site, two months ago. He then took help of other two accused to eliminate the monk.