RCMP say the man reported he was driving when a robber walked in front of his vehicle, produced a gun and demanded he hand over his wallet and iPhone.
Const. Gary O'Brien says the man may now be charged with public mischief for concocting the story.
He says several police officers responded to a 911 call, including a dog unit, but no track or suspect, described as wearing a dark hoodie, could be found.
The complaint caused concern in the Nanaimo area after it was picked up on social media, only it wasn't true.
O'Brien says the man later admitted he'd lost his wallet and iPhone and thought his parents would believe him if he said he'd been robbed.