The Two SSB personnel, Ratnakar and Surya Kumar, were arrested by the Government Railway Police (GRP) yesterday.
On questioning, the two personnel told police that they threw the arms and ammunition in inebriated state from the train on the night of December 24 while returning to Gorakhpur from Gujarat in a special train.
Four Insas rifles, 14 magazines, 20 cartridges and a Sub Machine Gun were found missing from the train, police said.
Both have been suspended.