It happened in the Avenue Road area of town on Saturday evening.
At around 10.32pm, police received reports of the robbery.
Officers on an anti-burglary patrol arrived on the scene and became involved in a struggle with two men who were carrying batons and an imitation firearm.
They were injured but no members of the public were hurt. Men aged 29 and 36 were arrested and are assisting police with their inquiries.
"We listened to concerns from the local community about burglary and provided a more visible presence and anti-burglary patrols, enabling us to respond to this incident within minutes," said Chief Inspector Anthony McNally, Craigavon Area Commander.
"This is just one excellent example of local officers providing the personal service the community has asked for.
"The officers involved are to be commended for their swift and brave actions which has resulted in the arrest of two males. I would also like to thank the community for their support which assists us in responding to and tackling crimes of this nature."