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The ATS also recovered two guns used by the Maoists in Monday's gunfight.
The duo were remanded to police custody for five days on November 8, a day after their arrest.
The incident of firing was reported from the Karikkottakari police station limits.
Though the arrested cadres have yet to reveal anything about the source, the probe seems to be focusing on the most probable theory that cadres from the north provided their south counterparts with the weapons.
The commandos surrounded the house of the farmer based on a tip-off and there was firing from both sides, he said, adding that an AK 47, one INSAS Light Machine Gun and two country-made guns were recovered from the Maoists' possession.
The tribal settlement with around 40 farming families of the Kurichia community has been a regular drop-in point for the Maoist cadres.
The information was elicited from the Maoist informer who was arrested by police the other day from Kozhikode district.
The exchange of fire took place in a forest area under the Thalappuzha police station limits.
A 70.87 per cent voter turnout was recorded till 5 pm in the first phase of the Chhattisgarh elections on Tuesday.
The police and Forest officers have begun a search for the armed-militant gang.