Acting on a tip-off about the presence of several Maoists, police led by SP Navin Kumar recovered the huge cache of arms during operation "Green hunt", he said.
The Maoists, however, managed to flee.
During the operation, there was an exchange of fire between security forces and the ultras, the officer said.
In 2005, the then SP K C Surendra Babu and six other other policemen were killed in a landmine attack by the Maoists in the same Bheem Bandh forest area.