The other three were sent to 14-day judicial custody.
Metropolitan magistrate Harun Pratap remanded Subodh, the first-year DU student, and Pankaj, a student from Ghaziabad, in police custody.
The court also denied the bail pleas of co-accused Prashant, Neeraj and Anuj and sent them to judicial custody.
All the five were arrested yesterday evening from outside the gate of Hindu College of Delhi University's North Campus. They were travelling in a white Scorpio bearing UP registration number.
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All the five were found in suspicious conditions inside the vehicle.
Upon frisking, police found pistol and country-made revolver with Prashant and Pankaj while others were carrying live cartridges and magazines.
Prashant had told the police that the car belongs to one of his relatives.
While Anuj is from Baghpat, the other four hail from Ghaziabad.
All five have been booked under various provisions of the Arms Act.