A man dressed as a clown, complete with wig, mask, polka-dot shirt with fake breasts, and armed with a handgun, walked into the Crosstown Civic Credit Union on Regent Avenue West at about 2:30 p.m.
He got away with an undisclosed amount of cash, but didn't get far.
Police arrested a 39-year-old man nearby and, though the costume had been cast aside, officers recovered the money and a mask.
He has been charged with robbery with firearm, wearing a disguise and public mischief.
No one was hurt in the incident.