The first prototype, the Hs 124 V1 had two liquid-cooled 12-cylinder Junkers Jumo 210A engines of 449 kW each (610 hp). It was fitted with a rotating turret with two 7.92mm MG 15 machine guns in the nose.
The Hs 124 V2 had two BMW 132Dc 9-cylinder radial engines and was armed with two 20 mm Mauser cannon, as well as a 7.92mm MG 15 machine gun, carrying up to 600 kg of bombs.
The proposed Hs 124 V3 was intended to have two 20mm MG FF cannon and two 7.92mm MG 17 machine guns in a solid nose, but was never built. The internal bomb bay of the Hs 124 was intended to hold six 100 kg bombs, or additional fuel plus eight 50 kg bombs on an under-fuselage rack and two more under each wing.