Something like this:

Code:
        Dim dtn As DateTime = Now
        Dim ts3AM As TimeSpan = New TimeSpan(3, 0, 0)
        Dim ts430AM As TimeSpan = New TimeSpan(4, 30, 0)
        If (dtn.TimeOfDay > ts3AM And dtn.TimeOfDay < ts430AM) Then
            MessageBox.Show("Between 3 and 430")
        End If
Note that I store Now in a variable, that way it will be the same for both evaluations.