The accused were identified as Shah Faizal alias Anas (24) and Danish (19).
They were planning to kill one Farman alias Nanhe, a member of the Nasir gang, the police said.
Nanhe is in the police custody at the Welcome police station in connection with a murder case, they added.
The Special Cell of the Delhi Police has been keeping a watch on the illegal activities of different gangs in northeast Delhi.
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It was also learnt that Anas, Amaan and Danish, along with some others, were assembling near the Jheel Park, close to the East Delhi Municipal Office at Shahdara.
Accordingly, a trap was laid. Anas and Danish arrived at the spot and were later joined by Anas's younger brother, Amaan, and another person, P S Kushwah, Deputy Commissioner of Police (Special Cell), said.
The police closed in on the four and asked them to surrender, but the latter started running in different directions.
Anas and Danish were overpowered by the police, while the two other accused managed to flee.
A .32 bore pistol and four live cartridges were recovered from Anas and a countrymade pistol and three live cartridges were recovered from Danish, the police said.
Nanhe, along with some other men, had allegedly sexually assaulted Anas, made a video of the act and circulated it, the DCP said.
Anas had refused to pay protection money to Nanhe, who had also allegedly fired shots outside his house, he added.
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