Three country-made pistols, three live cartridges, two stolen bikes and a truck were recovered from their possession, police said.
Javed, Aslam and Yusuf, all aged between 25 and 32 years, were arrested in Masuri area of the district late last night, they said.
Acting on a tip-off that the accused were heading towards Masuri, police laid a trap. Following a brief gun-battle between the accused and the police, they were finally arrested.
According to the police, the accused would loot loaded trucks at gunpoint and flee from the spot.
Interrogation of the three was on to get some leads about their accomplices and hideouts, they said.