Captain John Maluleke said the man was arrested by the Johannesburg flying squad at around 9.30am on Wednesday.
The arrest came after staff at the Glen shopping centre's FNB branch told police that a customer had informed them he was being held hostage by two men.
Initial investigations revealed that a 36-year-old man was robbed by two men after withdrawing money from an Absa ATM in Fordsburg at around 7.50pm on Tuesday.
The two men then threatened the man with knives and forced him into their maroon Opel Corsa (registration XDX579GP).
He was taken to an FNB ATM in Rosettenville where he was forced to withdraw his daily limit of money.
He was then taken to a house where he was locked inside a bathroom for the night.
At around 9am on Wednesday, the men took the 36-year-old to the FNB branch at the Glen shopping centre to withdraw more money.
The man managed to inform staff at the bank about his ordeal and police were summoned.
One of the two men escaped. The second man was arrested for armed robbery.
He would appear before the Johannesburg Magistrate's Court soon, said Maluleke.
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