The couple were left badly shaken during their ordeal in Newtownards, Co Down.
The incident happened at 8.30 am this morning they were walking in Shackleton Walk, just off the Comber Road.
The thugs threatened the couple with a knife and stole the woman’s handbag.
The men are believed to have been wearing dark clothing and balaclavas over their heads.
Detectives at Newtownards CID have appealed for anyone with information or may have witnessed the robbery to contact them on the non-emergency 101 number.