Inspector Rodel Marcelo, head of the intelligence team, collared suspects Reginald Eleazar alias Egie, 27, and George Santos, 33, near the Commission on Audit 7:30 p.m. last Wednesday.
Marcelo, in his report, said follow-up operations conducted at the safehouse of the suspects in Barangay Holy Spirit resulted in the recovery of two handguns and 72 handbags taken from pedestrians in the past several days.
Police also seized the motorcycle used in their criminal activities.
The two suspects have been tagged in a series of snatching incidents along Commonwealth and neighboring areas.
Marcelo said the arrest was a result of weeklong surveillance conducted by intelligence operatives.
Police are preparing criminal charges against the suspects.