Police say they located the stolen instrument — a Steinway Boston baby grand valued at $27,000 — after a man sold it to a local business.
They say the piano had some minor damage but has been returned to Toronto General Hospital.
Toronto police allege that on July 14, two thieves used a service elevator to move the piano to a loading area, where a third suspect helped them haul it into a waiting red-and-white cargo van.
Hospital security said employees asked the men what they were doing, but were told the piano was being taken away for musical servicing.
Artem Timofeyev, 27, of Toronto, is wanted on charges including theft over $5,000, trafficking in stolen goods and fraud over $5,000.