The other two arrested are Pramod and Yogesh.
They allegedly tried to clean the scene of crime after the incident, a senior official said.
The incident took place on Friday night, following which police arrested Joginder, private security officer (PSO) of a realtor.
Joginder allegedly shot dead Ashok Kumar and Fauji, who also worked as PSOs for other realtors in the area, after a heated argument at a party at Pehelwan's farmhouse where his PSO lives.
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The police were informed about the incident by hospital authorities who reported about two men being brought there with bullet injuries, of which one was dead and the other reported critical.
The second man succumbed to his injuries in few hours.
Pehelwan and others were summoned for questioning and arrested last night, the official added.