Police on Monday arrested two men in Paphos suspected of robbing a security van of €50,000 outside a bakery in Ayios Dhometios in Nicosia.
Three suspects, all foreign nationals, escaped in a getaway car with a fake licence plate from Nicosia. They then transferred to a taxi heading towards Paphos.
Two were arrested on their way to Paphos in the taxi. One more man is sought by police.
According to reports, at approximately 2pm three individuals, one carrying a meat cleaver, assaulted a security van driver, as he came out of a bakery, carrying the takings.
The three individuals stole a bag containing €50,000 and fled.
Police later spotted the suspects in a taxi on the motorway to Paphos near Diarizos. Officers intercepted the taxi, forcing the suspects to flee into the fields.
Officers caught two of the suspects and were now seeking the third.
Preliminary examination determined that the money was left inside the taxi and was recovered by police.
The taxi driver was taken to the station for a statement.
Police later said they would stop their search for the third suspect for the night, and continue at dawn.