Toronto police are searching on Tuesday for four suspects wanted in connection to an armed robbery after two guards were ambushed outside a bank in Scarborough.

Police said that two armed GARDA security guards were robbed by three armed masked suspects on Friday at 9:40 p.m.

The suspects stole the guards' firearms and cash while the guards were filling up an ATM outside an RBC bank on Grangeway Avenue.

Staff Insp. Michael Earl said that the wanted criminals are "bold and brazen."

"This is no run-of-the-mill robbery that you see every day," he said at a news conference.

The suspects fled in a white U-Haul panel van with a fourth suspect driving. The van's licence plate was concealed, police said.

"Investigative experience tells me that van, because the plates are concealed, it's a legitimate rental van," Earl said.

He said that police are concerned about the stolen guns.

"They could be anywhere, they could be on the streets, they could be in the hands of criminals. We want to get them off the streets as soon as possible," he said.

The suspects are described as wearing dark clothing and ski masks. Police are also still searching for the van.

With a report from CTV Toronto's Colin D'Mello