The robbers and their compact getaway car were still at large with $524,000 following Monday's heist near Kuala Lumpur, said district police chief Shakaruddin Che Mood.
The robbers stole a small car then held up guards in the security van at a shopping mall. One robber drove the van away and the other followed in the car, Shakaruddin said.
The van was recovered nearby with nine bags containing 2.7 million ringgit $786,000 inside - evidently because they did not fit in the compact car, the police chief said.
"The bags are quite big. I consider them quite stupid. Their planning was very shortsighted," Shakaruddin said.
The five security guards in the van have been detained for questioning. Police suspect the robbery may have been an inside job, Shakaruddin said.
"This thing was done in an easy manner," he said.