Acting on a tip off, a trap was laid at Aarey Colony area after which Ravindra Rai (35) and Nazrudding Ansari (36) were intercepted and questioned, Joint Police Commissioner Himanshu Roy said.
When they could not give proper answers, their vehicle was searched and a high-end 9mm carbine gun, a country made pistol, 10 live cartridges and a magazine were recovered.
"It is likely that the firearms were meant for a person, associated with an underworld gang or bigger than that. Such a carbine gun is usually used by criminals against persons who have either police or personal security. The accused were supposed to sell the gun for Rs six lakh," Roy said.
The duo had arrived here from Bihar via Indore, he added.
The seizure assumes significance as the widely celebrated Ganesh festival is round the corner.
Police sources said they were verifying if the weapons were meant for anyone associated with terror outfits.
In 2010, two carbine guns had been recovered from three alleged associates of underworld don Chhota Rajan.