Mr Babaseyi said that preliminary investigation showed that the suspects were part of a four-man gang.
Mr Babaseyi said the arrests followed intelligence that members of the Eiye confraternity gathered in a bush at Ipara-Remo to initiate new members.
Mr Ogunlowo urged residents to remain vigilant and cooperate with security agencies to ensure a peaceful celebration across the state.
The CP urged security operatives to remain professional, civil, and neutral.
The command gave the warning in a statement by its spokesperson, Omolola Odutola, on Friday.
The police said the deceased had gone to his farm on Saturday morning but failed to return home.
The command’s spokesperson, CSP Omolola Odutola, said in a statement that their officers also recovered a firearm after the gun duel on Saturday.
Ms Odutola said the CP went on an unscheduled security and safety tour to Ewekoro when he met a gridlock on the Lafarge dual carriageway.
Several automobile technicians at the Ajebo Mechanic Village, Abeokuta, on Thursday protested the killing of their colleagues.
Ms Odutola explained that the accident, which occurred at about 11:30 p.m., was caused by reckless driving on the part of the driver of the Mercedes Benz.
