The taxi driver was awaiting passengers to Port of Spain at the Arima taxi stand around 2am when he was confronted by three men.
The men relieved the taxi driver of a gold chain, his wallet, his cell phone and his vehicle.
A report was made to the Police and an all-points bulletin was sent out.
Officers later held the suspects who also had in their possession a firearm and three rounds of ammunition.
They are expected to appear in ID parades today.