A pistol, few live cartridges and sharp-edged weapons were allegedly recovered during the raid which was conducted on Tuesday evening, SP Rajeshwar Singh said.
Preliminary investigation revealed that the accused were planning a major strike on the outskirts of Moga town.
The accused have also been allegedly involved in several other cases of theft and snatching, he said.
The accused have been identified as Harwinder Singh, resident of Khosa Randhir, Mandeep Singh of Khosa Jalal, Jagdeep Singh of Rauli, Navjot Singh of Moga's Gill Nagar and Gurtej Singh of Moga.