The gang members were arrested while planning to loot a petrol pump along National Highway (NH) in Barchana area.
Police recovered two revolvers, 27 live rounds of ammunition, sharp weapons, three mobile phones, one laptop and a motor cycle from their possession.
The arrested have been identified as Balaram Pradhan alias Butu (33) of Deulpur under Barachana area, Mrutunjaya Mahalik alias Mitu (38) of Incchudi in Balasore district, Pramod Kumar (27) of Bara, Ranjan Yadav (26) of Jagadal and Mahammad Iqbal (28) of Bhubatpur.
The gang was active in Khurda, Cuttack, Jajpur and Balasore districts for the past couple of months.
The gang members confessed they were involved in a petrol pump loot near Chandikhole in the district where they had taken away Rs 2.8 lakh from its manager last month.