The arrested have been identified as Kanchi Lal, Zeeshan, Satya Pal, Deepak and Mohit.
Police said that on April 29, five persons carrying country-made pistols and knives had entered a food grain shop and overpowered two employees there.
According to police, the accused broke open the safe using cutters and made away with Rs 1.5 lakh in cash, 25 silver coins and three mobile phones. A case was registered at the Lahori Gate police station and investigation was then taken up.