A pair of Queen's Guards have been arrested over an alleged plot to steal bullets.
The two non-commissioned officers were detained in dawn raids at residential addresses close to Windsor Castle.
One of the men is in charge of ammunition, the Mirror reports.
The men, one in his 30s and one in his 40s, were arrested by Scotland Yard's Flying Squad on suspicion of possession of ammunition and conspiracy to steal.
The arrests came as part of a pro-active investigation which was described by a source as "significant".
The Royal Military Police and Ministry of Defence Police supported the arrests.
Military sources said police and military commanders have become deeply concerned soldiers in Windsor are mixing with county lines criminals who are selling them drugs.
It is not known if this is a line of inquiry in relation to this investigation.
The bullets are believed to be 9mm ammunition for handguns which are popular on the criminal market.
Both suspects were being held in custody at a nearby police station.
The Ministry of Defence said: "We can confirm that two soldiers have been arrested on suspicion of firearms offences.
“We are assisting the Metropolitan Police with their investigation."
All non-commissioned officers have access to ammunition on firing ranges where thousands of rounds are fired every day.
Last July British soldier Ralstan Pusey, 31, was jailed for 15 months for passing on military-issue bullets.
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He was discharged from the Army after he was traced to 97 rounds of 9mm parabellum ammo taken from the British military.
Police found the bullets with a loaded handgun during a stop in Luton, Beds, in November 2016.
Detectives traced the bullets back to Pusey who was serving as a lance corporal with 1st The Queen's Dragoon Guards, a cavalry regiment of the British Army.
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The bullets were found in two containers, one of which was an iPhone box.
Pusey, of Norfolk, was arrested in April 2017 and denied handling, stealing, passing on or having any knowledge of the bullets.
Detectives found the rounds were from a batch made for the military in July 2010.
It was believed he obtained the bullets while stationed in Germany, having taken part in firing range exercises.
He was convicted of possession of prohibited ammunition at Kingston crown court, but cleared of theft.
The Army uses many types of 9mm pistols, with the most common being the Glock pistol.
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