A former Vassar College construction manager and his wife, who tooled around in BMWs and sported Rolex watches, swiped $1.9 million from the school, cops said yesterday.

Arthur Fisher, 44, and his wife, Jennifer, 38, allegedly siphoned the money from Vassar from 2008 to 2010 by opening a bank account in the name of a fake construction company, which then was issued checks for purported work done at the Poughkeepsie school, cops said.

Vassar alerted police in early March after finding cost overruns in a project.

Cops arrested the Fishers on Friday at their Ossining home, where police said they found four late-model BMWs, three Rolex watches, 10 unregistered handguns, a military-style rifle and fraudulent FEMA, US Customs, FBI, ATF, NYPD and DEA IDs with Arthur Fisher’s name and photo on them.