Police said on Twitter that several bombs had been found in the possession of the detained men.
Police, however, gave no details regarding the targets the men were allegedly planning to attack.
Tension has been running high in the Palestinian territories and Israel due to repeated Israeli "violations" of East Jerusalem's flashpoint Al-Aqsa Mosque compound.
The Israeli authorities briefly closed the mosque compound in late October following the shooting of an extremist rabbi in West Jerusalem.
Tension in the region has mounted since Israel carried out a devastating military offensive on the Gaza Strip in July and August that left more than 2,160 Palestinians dead and some 11,000injured.
In retaliation, several Israelis have been killed in recent Palestinian attacks in the West Bank and Israel.
The Ezzedin al-Qassam Brigades, the military arm of Palestinian faction Hamas, on Wednesday said Israel is playing with fire over its "dangerous" violations of the Gaza cease-fire.
In a statement, the brigades said that Israel had crossed all "red lines" by targeting one of its fighters in southern Gaza Strip earlier on Wednesday.
"Israel is playing with fire," the brigades said, going on to hold the self-proclaimed Jewish state responsible for the consequences of what it described as its "crimes" against the Palestinian people.