The incident took place at around 10.30am in Langaville Extension Four.
Tsakane police spokesman Capt Petros Mabuza says the victim, who is a tuck shop owner, was driving his bakkie loaded with groceries when he was approached by two armed men who fled the scene with his car and cash.
Mabuza says the police arrested a 20-year-old suspect and are looking for another.
The arrested suspect is expected to appear in the Tsakane Magistrates Court soon, on a charge of armed robbery.
If you know where police can find the second suspect, contact Tsakane police on 011 363 5347.
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