Gunshots rang out shortly before reports emerged that the rebels had given themselves up for arrest.
The mutineers had been holed up in the barracks near the airport of the capital, Antananarivo, since announcing a takeover of the island on Thursday.
Some of the rebels were themselves part of a coup that brought President Andry Rajoelina to power in 2009.
Mr Rajoelina has been diplomatically isolated since coming to power in March 2009 and has ignored attempts by regional mediators to broker a consensus with the opposition.
Madagascar has been beset by instability for several years.
Quick operation
Hundreds of troops were seen heading towards the compound on Saturday, before reports emerged of shots being fired.
"The operation is over. They gave themselves up. It has ended without bloodshed," Alain Ramaroson, head of the country's Senate defence council, told AFP news agency.However, the situation was soon brought under control, with reports that the renegades had surrendered themselves into custody.
He said the whole operation was over within 20 minutes, AFP added.
The rebel officers made their coup claim as Madagascar prepared to vote in a referendum for a new constitution that would allow Mr Rajoelina to extend his term in office.
This rebellious act occur probably because the government itself is corrupted. The officers may have already seen what was Mr Rajoelina's motive.
Done by: Chun Kit
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