It is believed they were caught in Musina on Tuesday.
The three suspects fired on two brothers who live in Ellenboog flats.
The suspects were armed with a shotgun, a rifle and a panga.
The victims are foreign nationals.
The family owns a business in Tzaneen.
Marius Jacobs from Northern Security said the suspects got away with an undisclosed amount of cash and keys to the business.
They did not however, break into the business.
It is believed that the armed men forced open the kitchen door and started shooting at the victims.
According to Colonel Malesela Ledwaba from the SAPS, one victim was stabbed in the arm and shot, his 26 year-old brother, Irsad Chauhan, died in hospital after he was shot in the stomach.
Jacobs, who spoke to a doctor who is treating the survivor said he was shot in the abdomen and not in the leg as was initially stated.
There have been many attacks and robberies the last few weeks which raises a huge concern.
Monday night, just a day after the shooting, armed robbers stole a bakkie close to Modjadjiskloof.
Community members are warned to be alert. It can happen to anyone as the whole Letaba has already been targeted.