A revolver, a country-made pistol, five cartridges, a motorbike, a car, a laptop, and gold-silver ornaments were seized from them, said Superintendent of Police (East) O P Tripathi.
Praful Patil (31), 'mastermind' of the gang's operations, was wanted in a number of cases including murder, theft, and robbery in the state, and a warrant was pending against him, the SP said.
Other accused were identified as Pawan Khateek (29), Mahendra Sisodiya (45) and Kamal Nayak (35). All of them were from Indore, Tripathi added.
The four were travelling in a stolen Maruti car and had planned a dacoity when the LIG Police thana team intercepted them.
Police suspected them to have links with inter-state crime syndicates, the SP added.