The consignment included four AK-56 rifles, two AK-47 rifles, six magazines and 180 live rounds of ammunition, the police said.
The police also recovered Rs 11,000 in cash from the arrested persons who were travelling in the truck.
With the recovery, the police said it has managed to "unearth the sinister design of the terrorist organisation and their sponsors to disturb peace and harmony" in Jammu and Kashmir.
The three men were identified as Ubaid-ul Islam and Sabeel Ahmed Baba, both from Rajpora in Pulwama district of Kashmir, and Jahangir Ahmed Parrey from Budgam in Kashmir.
An FIR has registered against them, including under the Arms Act.