Two of the Queen's Guard were arrested and have been taken into custody on suspicion of a plot to steal bullets.
The two non-commissioned officers were arrested by cops from Scotland Yard's Flying Squad earlier today, the Mirror reports.
The two men are held on suspicion of possession of ammunition and conspiracy to steal.
The men, one in his 30s and the other in his 40s, are being held as part of an investigation which a source told the Mirror was 'significant'.
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The Royal Military Police and Ministry of Defence Police 'supported' the arrests.
A spokesperson for the Ministry of Defence told the Mirror: "We can confirm that two soldiers have been arrested on suspicion of firearms offences.
"We are assisting the Metropolitan Police with their investigation."
The bullets are believed to be 9mm ammunition for handguns.
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A Met Police spokesperson told the Sun: "Two serving members of the British Army have been arrested on suspicion of firearms offences.
"Detectives from the Met's Flying Squad, supported by the Royal Military Police and Ministry of Defence Police, attended two separate residential addresses in Berkshire
"A man in his 30s and a man in his 40s were arrested on suspicion of possession of ammunition and conspiracy to steal.
"They have been taken to a nearby police station where they remain in custody."
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In July last year, soldier Ralstan Pusey was sentenced to 15 months in jail for passing on military-issue bullets.
Pusey, 32, was booted out of the army after he was traced back to 97 rounds of Parabellum ammunition that had been taken from the British military.
Cops found the bullets with a loaded handgun at a stop and search in Luton in 2016.
Speaking at the time, Detective Constable Leon Ure said: "This was an unusual case which opened up as the result of meticulous forensic work.
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"Officers were able to narrow down the source of the bullets to the British Army, and a jury was convinced that it was Pusey who had passed the bullets on.
"Possessing ammunition is a very serious offence - criminals intent on using firearms to commit violence on London's streets provide a black market for ammunition, to be used in shootings linked to gang violence and organised crime."
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