Police were called to a jewellery store at Birdwood Lane in Lane Cove after reports of an armed robbery at 3.30am on Thursday, March 28.
Two men allegedly entered the business wearing dark clothing with their faces covered and threatened staff before taking an item.
Police allege one man was carrying a firearm.
Investigators believe they then fled in a silver Holden Commodore with a Victorian number plate with the registration 1IH 8XX.
They allege a third man was driving the car, which was travelling in a convoy with a silver Mercedes.
Two men were arrested following a search warrant of a property in Summer Hill at 6.45am today.
The men, aged 44 and 60, were taken to Newtown Police Station, where they are expected to be charged with their alleged involvement in the armed robbery. 
