Two persons, including the main accused and the driver of the bus, have been arrested in this connection, said SP (Bhopal South) Anshuman Singh.
The third accused is absconding and would be caught soon, police said.
TOI reported that the woman, who was alone, took the bus at around 11 pm from the Chhola area.
When she tried to get down at her stop, she was stopped by the driver, conductor and the third accused. They asked her to wait till they turned the bus at the crossing.
The driver took the bus to an isolated place. Soon after, the conductor Deepak Sharma, overpowered the woman and allegedly raped her.
The woman told the police that another man muzzled her while the conductor was in the act. The two were waiting for their turn when she wriggled out of their clutches and escaped.
The police added that the woman later went to a nearby police station where she lodged a complaint.
The woman, a mother of six, managed to remember the registration number of the bus and this helped police to trace the accused.
Police said they are verifying criminal records of the accused. The police says that the woman was not raped in the moving bus.