A passenger who was waiting to get on a flight recorded the two thieves out of a window in the terminal building.
The incident happened at Pucallpa Airport in the east Peruvian department of Ucayali.
Eyewitness Ruben Sanchez, who took the images, shared the footage on Facebook where it caused uproar among social media users.
One person said: 'What has the world come to when it's the security men that are robbing you?'
The video shows one of two men, who are both dressed in high visibility jackets, open a case, rummage around and pull out an item before slipping it to his colleague who is keeping a lookout.
He then zips up the case as though nothing has happened while his accomplice pockets the item.
The airline LAN, a South American company based in Chile, say the men had been identified and were working for the companies Liderman and Talma, who provide services for the airport.
The company said: 'The men are being detained and we will be pressing charges so that the authorities may take appropriate action.'
The men have reportedly apologised and have been in contact with the bag's owner to make amends for the theft.