Police say they received a report of an armed robbery at the Tasty Pizza restaurant on Hullmar Drive, near Jane Street and Steeles Avenue West, at approximately 6:12 p.m.
Two male suspects were chased and subsequently arrested at the Yorkgate Mall, in the Jane Street and Finch Avenue area.
Police say that at least one of the teens was armed.
The suspects were processed at a police station in 31 Division on Monday evening.
It is not yet clear if any money was taken in the reported robbery.
No charges have been laid.