Police issued the warning Wednesday night after a truck was allegedly stolen earlier in the day in Red Deer and possibly used in a holdup in Olds.
The truck was later dumped in Calgary's Evanston neighbourhood and the men fled on foot.
One suspect was tracked down by a police dog and suffered a superficial bite, while the other man was taken into custody some time later.
Both were turned over to the RCMP for transfer to Airdrie.
Police say they found a loaded handgun and additional ammunition in the truck. (CHQR)