The incident happened overnight near Covert and Green River Road, at an apartment in the 1600 block of South Hoosier Avenue.
Witnesses tell officers 20-year-old Dennis Jackson and 24-year-old David Santiago arrived at a party there around 2:00 Sunday morning.
Once inside, witnesses say Jackson pushed a man against the wall, stuck a gun to his chest and demanded his wallet.
Jackson and Santiago then allegedly forced the victim to withdrawal money from an ATM at a nearby gas station; then bring them cell phones belonging to people at the party.
Officers tell us they pulled over Jackson and Santiago and found cash, cell phones, and an Airsoft-type gun inside the car.
Tonight they're being held in the Vanderburgh County Jail on $20,000 bond.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.