The men had tried to rob a bank in Töcksfors just after 8.30am on Tuesday, and eyewitnesses saw the trio escaping with blue bags, guns, and one female member of staff who was released immediately.
The deputy CEO of the bank is yet to comment on how much money they took, or indeed if they took any at all.
“The crime is currently being labelled as preparation for bank robbery,” said Per Ström of the Värmland police to the Aftonbladet newspaper.
Ten police patrols and a police helicopter are currently searching for the trio, who are believed to be driving a blue Volvo after having torched the white Volvo in which they fled the scene.
The getaway vehicle was found just under two kilometres from the Norwegian border, burnt out.
“We believe they changed to a blue Volvo V70, which we are currently searching for,” said Leif Hultman of the Värmland police to the paper.
Police have alerted Norwegian authorities of the escapees, and are currently interviewing witnesses and bank staff, none of whom is injured.
It is believed that the men were armed with AK4 automatic weapons.