According to reports reaching here, an exchange of fire took place between the ultras and police in a deep forest area near Pullalchervu mandal of Prakasam district, they said.
A senior police officer of Andhra Pradesh Police told PTI, a police team from Guntur (Rural) district carried out the operation.
"The cops retalilated after the Maoists fired on them resulting in death of three of them while one of them escaped with injuries," he said.
Babu Rao was carrying Rs 5 lakh award on his head and was underground from the past 13 years, he said.
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Bharti was carrying Rs 4 lakh award while Vimala Rs 3 lakh and both of them were underground from the last 8 years, he added.
All the accused were operating in the Nallamalla area.
The police also recovered weapons including an AK-47, one SLR, .303 rifle and a carbine from the scene.