The four men, two of whom were armed with guns are said to have entered the First Rounds Liquor Mart at Chin Chin Road, Cunupia around 4.25 and announced a hold up.
It is said they then robbed the owener of the establishment, Imran Ali, his wife Savitri Ramkissoon and businesswoman Samdaye Ali.
The two armed the reportedly beat Mr Ali and took a quantity of jewellery and an undisclosed sum of cash. They then proceeded to rob his wife of one Apple IPhone 6 Plus and a quantity of jewellery, while Ms Ali was robbed of a quantity of jewellery.
A report was made to the police and a party of police officers from the Central Division Task Force, Central Operations Unit, and Cunupia Police responded.
News Center 5 understands the officers entered the premises and called on the men to surrender but they refused and began shooting at the police. The officers returned gunfire hitting two of the men. The two wounded men were taken to the Chaguanas Accident and Emergency Department where they died while undergoing emergency treatment.
The other two suspects escaped. One of them was later captured a short distance away while the fourth man remain at large.
The stolen items were recovered and identified by the victims. Police recovered a Smith and Wesson 9mm pistol and an empty magazine.