Nine others have also been taken into custody for interrogation in connection with the incident.
The deceased have been identified as Gulsher, Haji Islam and Akhter.
The trouble started when an unidentified youth opened fire during a confrontation over money between two groups of the same community last night, SSP Deepak Kumar said.
Three persons were injured in the firing and rushed to hospital where their condition is said to be serious.
Senior police officers were rushed to the spot and police personnel were conducting door-to-door checks in the area to trace the accused.