The inspector general of police intelligence response team (IRT) disclosed this in a statement on Wednesday.
Abba Kyari, assistant commissioner of police, who led the team said the police arrested the suspects in Benin, Edo state capital.
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They were said to be on their way to visit a member of their gang when the IRT swooped on them.
Those arrested are Egelu Endurance, 25, (a.k.a. Jubby), Stanley Yomi Irabomini, 25, (a.k.a. Powei) and Bentel Endurance, 24 – all from Ovia south local government area of Edo state.
The suspects have reportedly confessed to participating in several high profile kidnappings in the southern region.
A police source who confirmed the incident said the suspects claimed they had gone to Benin to see their injured colleague.
The pupils were kidnapped last week.
Their captors have contacted their family members, demanding a ransom of N400 million.
Lagos state government has ruled out the option of negotiating with the abductors.
In February, Akinwunmi Ambode, governor of Lagos, signed the anti-kidnapping bill into law.
The prohibition of the Act of kidnapping law imposes a penalty of life imprisonment on kidnapping for ransom.
It also stipulates that where a victim dies in the course of kidnap, the suspect is liable on conviction to death.
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