The suspects were in a pick-up truck when the alleged incident took place at the Tottenham Hale Retail Park in north London at around 7.45pm on Wednesday.
The Press Association reported that Jewish neighbourhood watch group Shomrim said they had been contacted by one of the victims who claimed a man in the truck also shouted "Heil Hitler", according to reports.
Scotland Yard said a 24-year-old man had been arrested on suspicion of a religiously aggravated public order offence.
It was later confirmed they had also arrested a 22-year-old man and an 18-year-old man accused of the same offence.
All three suspects came forward to the police and remain in custody, the force said.
Anyone with information on the incident is asked to call the police on 101 or anonymously to Crimestoppers on 0800 555 111.