The Mumbai crime branch apprehended Ajay Karosi (27), Vinod Vishwakarma (28), Babukumar Gupta (21) and Sumeet alias Pappu Yerunkar (38) for allegedly shooting at the builder Jignesh Jain.
On February 5, two persons disguised as women entered the builder's office at Chunabhatti and shot him. Jain was injured but survived.
According to the police, Ajay and Vinod were the shooters while Babukumar had driven them to the builder's office.
Police said Pappu, a history-sheeter with cases of murder, robbery and extortion against him, was the mastermind behind the shooting.
A month earlier, Pappu had demanded a contract to demolish a building for redevelopment from Jain. But when the latter refused, he hatched a conspiracy to kill him, police said.
Two pistols and cartridges have been recovered from the accused and further investigation is on, they added.