The suspects were first spotted by police on Fairfield Road just before 9:30 p.m.
Police chased the suspects, first in a white SUV and then on foot. At one point, the SUV struck a police patrol car, and the suspects ran on foot into the woods.
Two suspects were arrested following a manhunt that lasted several hours. A third remains at large.
The suspects are believed to be behind a string of at least 20 burglaries of homes in Wayne and the surrounding area since April 25.
Other towns reporting similar break-ins included Englewood, Leone, Paramus, Englewood Cliffs, Lodi, Little Falls and Wanaque.
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