Those arrested have been identified as Md Kamal, 43, Md Shahid, 40, Mister Sarker, 19 and Md Ismail, 38.
They were nabbed from Khagrhachharhi's Guimara on Saturday with a truck loaded with 359 sacks of rice.
Police seized the truck.
Feni police OC Md Rashed Khan Chowdhury said 460 sacks of rice were stolen from Feni's Rampur on Tuesday.
The consignment, imported from India, was being shipped to Chittagong's Satkania.
Police went on the raid following a complaint lodged by the importers.
"We suspect that rest of rice have been sold out in the market," said the OC.
A case had been started at Feni Model Police Station, he said.
Police raids were on to nab rest of those involved with the rice smuggler's ring, Feni's Superintendent of Police Rezaul Huq told bdnews24.com.