The police said with the recovery they have managed to "unearth the sinister design of the terrorist organisation and their sponsors to disturb peace and harmony" in the state.
The truck was headed towards Kashmir from Punjab. It was stopped by police on receiving an intelligence tip-off.
The consignment comprised of four AK-56 rifles, two AK-47s, six magazines, 180 live ammunition rounds and Rs 11,000 in cash from the three men in the truck, the police said.
The three men were identified as Ubaid ul Islam and Sabeel Ahmed Baba, both from Rajpora, Pulwama, and Jahangir Ahmed Parrey of Budgam.
An FIR was registered against them, including under the Arms Act.