One of the two accused, Amar Bansode, was arrested on Saturday after three weapons were found in his possession, an officer from Khadak police station said.
During the interrogation, Bansode spilled the beans and confessed that he had procured them from a man named Rameshsingh alias Manish Chawla from Dhule (in north Maharashtra).
During the probe, it came to light that Chawla, who hails from Madhya Pradesh, had come to Pune to sell off the arms and ammunition and returned to Dhule.
He said eight pistols and large quantity of ammunition were recovered from the accused.
"Both the accused have been remanded to police custody till October 21," Jadhav added.