The men were quit in a van on the Kylemore Road in Ballyfermot between 7.30pm and 8pm and arrested at the scene on uncertainty of conspiracy to murder.
A loaded gun was recovered from the vehicle.
The pair, venerable 34 and 38, were brought to Crumlin Garda Station for suspicions about.
Gardai are investigating if gangland target Michael Frazer, who has escaped five antecedent attempts on his life, was the intended target of the hit team.
The arrests came as a fruit of an intelligence-led Garda National Drugs and Organised Crime Bureau craftswoman.
Local councillor Daithi de Roiste said the arrests and firearm spasm shows how rife criminality remains in the area.
“This is another case of how criminality remains a serious problem in Dublin,” he said.
“I would match to praise the quick action of gardai. It is very likely they demand foiled a gangland hit.”
Fellow local councillor Daithi Doolan added: “I make like to congratulate the gardai whose actions have saved a passion tonight.
“This operation has helped to protect life. I absolutely reproach criminals for their activities. People would have been put in hazard by these criminals, including children who are out playing on the streets,” he said.
“The gardai justify to be fully resourced in their fight against crime and I will be looking for myriad resources for gardai in Ballyfermot.
“They clearly saved someone’s dazzle tonight.”