Police say Lenroy Jackson, 27, of Toronto was arrested just after midnight by the hold-up squad and has a court appearance today.
He faces 10 charges including armed robbery, attempted murder, aggravated assault and two counts of discharging a firearm and endangering life.
Another suspect, Andre Palmer, 26, was arrested Monday in his hometown of Brampton, north of Toronto.
Palmer is charged with armed robbery, attempted murder, aggravated assault and two counts of possession of stolen property.
Security video from Sunday's robbery showed two men inside the bank, one brandishing a handgun and the other leaping over a counter to grab cash before being tackled by a customer.
Palmer is accused of being "the vaulter," Staff Insp. Mike Earl told a news conference Tuesday, adding investigators believe the second suspect is the one who shot the teller while firing at the customer.
The 54-year-old man was shot when he followed the robbers out of the bank. Both remained in hospital Tuesday following surgery.
The Canadian Bankers Association had offered a reward of up to $100,000 for information leading to the arrest and conviction of the suspects.
The actual amount paid was to be determined by the police, depending on the information received.