The showdown unfolded in the Scotia Bank parking lot in Portmore Pines on Sunday sometime after noon.
The police say they have since identified the men who shot and injured three Berrylium Courier guards before making their escape.
A license firearm holder was also injured after he engaged the robbers traveling in groups.
Two motor vehicles have since been seized after they were found abandoned in an area called Lakes Pen in St Catherine.
Investigators say they are confident the vehicles were driven to the location then abandoned.
This is the second armed robbery in the Portmore community involving guards from the Berrylium company.
In February one guard was killed and others injured during an early morning robbery outside an Automated Teller Machine (ATM).
The robbers made off with $10 million dollars.
One man was picked up a week later in relation to that daring robbery.
Investigators say they are probing whether the two incidents are connected.
The robbery on Sunday has caused some banking operations to greatly inconvenience customers.
There are reports of service disruptions at ATMs in the Corporate Area and sections of the island.
Videos of the shooting captured on Sunday by onlookers have since gone viral.
The business community is reportedly on edge.
