Two other members of the gang were also arrested at the end of the gun battle, while four cut-to-size double barrel guns and 20 life ammunition were recovered from them.
The alleged bandits met their waterloo when they attempted to rob a popular eatery located at Allen junction.
The bandits were said to have stormed the eatery around noon, attempting to rob both operators and customers of the eatery.
According to sources, the police at Ikeja Divison and Area F Command in Ikeja, got a distress call and raced to the scene.
The police on arrival at the scene positioned themselves strategically, while the bandits, in their bid to escape, opened fire on the policemen, to which the policemen responded promptly.
Ngozi Braide, Public Relations Officer, PPRO of the Lagos State Police Command while confirming the report said two other members of the gang escaped with bullet wounds.
Members of the public the PPRO urged to be on alert and always report suspicious movement around their areas to the police.
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