The two leaders also laid a wreath and signed the visitor's book at the memorial.
Netanyahu, who arrived on a six-day visit to India on Sunday, was received by Modi.
The three bronze statues at Teen Murti represent the Hyderabad, Jodhpur and Mysore Lancers who were part of the 15 Imperial Service Cavalry Brigade.
The brigade carried out the victorious assault on the fortified city of Haifa on September 23, 1918, during World War I.
Israel PM Benjamin Netanyahu and India PM Narendra Modi at Delhi airport (Photo: Reuters)
There are various accounts of this battle - all narrate the valour with which the lancers undertook the assault on the garrisoned city protected by a joint force of Ottomans, Germany and Austria-Hungary.The liberation of Haifa cleared a supply route for the Allies to the city through the sea.
Forty-four Indian soldiers made the ultimate sacrifice during the liberation of the city in World War I.
Till date, the 61 Cavalry celebrates September 23 as its Raising Day or "Haifa Day.