Check all over the village, including just outside the "fence". A weapons cache is most likely going to be a large stack of crates, ammo boxes, etc. They should be fairly easy to spot.
Spoiler/hint below:
An easy way to tell if you're close to a suspected cache, the "yellow" peasants in the immediate area will likely turn hostile towards you as you approach the cache area. Villager pointing rusty pistol at you = You're probably close.
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