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One of them was shot in the leg during the encounter late Monday night in Meerut, while another man was caught trying to flee the spot, they said.
Police said four persons were allegedly involved in robbing the collection agent of Ujjivan Small Finance Bank on Bhola Road at TP Nagar. Police are carrying out searches for the other two men.
On September 11, some men came on a motorcycle and allegedly looted around Rs 3 lakh from the collection agent and also took away a tablet, a fingerprint scanner and phone, Superintendent of Police (city) Ayush Vikram Singh said.
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The officer said that police received information that two of those involved in the robbery were planning to commit another crime.
The police team reached the Malyana-Bamba area and surrounded the two men, who allegedly opened fire on them. In retaliatory firing, Bhim (24) got shot in the leg, the officer said, adding that he was sent to the hospital for treatment.
His accomplice Arjun (27) was also arrested from the spot, the SP said.
On the basis of information provided by the accused, Rs 1.5 cash was recovered. Police also recovered the motorcycle used in the robbery and a country-made pistol, he said.
Police are conducting raids to nab their accomplices, he added.