"Soon after at about 6.20pm, the Honda CRV was set alight behind an industrial building on Akura Road, where two males with hooded sweatshirts were seen leaving on foot, with one carrying a firearm."
Police raided three properties and found the stolen guns and other property about 9.30am.
He said police arrested two teenagers.
"They are facing charges including theft of a motor vehicle, arson and burglary."
He said the theft of the guns and ammunition caused police "huge concern".
"As we have said on numerous occasions, Wairarapa police take a zero tolerance approach to this type of behaviour. We are pleased to have recovered these firearms safely, before anyone was injured or worse."