The guards had arrived at the shopping centre to fill up an ATM and were carrying large amounts of cash.
But they were confronted by a gang of criminals who reportedly made off with the money.
Both security guards, from the global security company Prosegur, and one suspect was injured in the shootout.
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CCTV images showed one of the gunmen standing at the counter of a health food store.
He discreetly reached into his paper bag to remove his firearm as the guards approached.
He then shot at the guards, who had their guns at the ready and quickly returned fire.
Shoppers fled in panic as one guard fell to the floor.
Shots continued and the injured guard raised his hands so the suspect could grab the bag of cash.
The gunman then fled with the money as the guard’s colleague went to check on him.
One witness told local media: “We heard several gunshots and everyone started running.
“It was total chaos.”
The gunfight took place at the Éxito Metropolitano shopping centre in Barranquilla, Colombia, at around 4.50pm on Monday (5 May).
According to reports, police arrived quickly on the scene to help defend the guards.
But the criminals made off with the cash and still remain at large.
The exact amount has not been disclosed by authorities, as reported by Need To Know.
The police suspect that other gang members were injured in the shootout and are receiving treatment at a clandestine health centre in the city.
They have appealed to the public to come forwards with any information that could lead to arrests.
The investigation continues.
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