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The men, who hail from New Delhi and Uttar Pradesh, were allegedly planning to commit dacoity in the city, the official said.
A team from the ATS conducted a raid at Ellora Guesthouse near Borivali railway station and nabbed the accused in the morning, he said.
The team recovered a country-made revolver, two pistols, four magazines, 29 bullets, a knife, a car and other materials from the accused, the official said.
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The others have been identified as Nadeem Yunus Ansari from New Delhi, Rizwan Abdul Lateef, Naushad Anwar and Adil Khan, all hailing from Uttar Pradesh, the official said
The accused have been handed over to the Kasturba Marg police for further probe, he added.