Surendra Singh, a resident of Janakpuri in Sahibabad, called '100' after his car was looted by the bike-borne accused, Superintendent of Police (City) Akash Tomar said.
The message was flashed on wireless and checking was started by barricading the Loni road, he said.
The officer said when a police team during the checking signalled a car to stop, it sped away.
The police chased it and intercepted the car near a jungle at Sikanderpur village. Finding themselves surrounded they fire on the cops, he said.
Iqbal, who was injured, and Shahrukh have been arrested. Police have seized two country-made pistols, cartridges, mobile phone and a purse.
The accused are history-sheeters in Nand Nagari police station of north east Delhi and about 70 cases are pending against them, the officer said.