Special Operations Group officers executed a search warrant at a Glenroy house about 11pm yesterday, finding the weapon and taking the men into custody.
They are believed responsible for at least five robberies or attempted robberies at liquor outlets and a bank over the last five weeks.
A Brunswick East bottle shop and a Bundoora supermarket were also robbed last night before the arrests.
The men, a 35-year-old from Glenroy and a 49-year-old from Craigieburn, are being interviewed.
They are expected to front Melbourne Magistrates' Court later this morning.
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