The officer was collecting money from a Scotmid shop in Old Edinburgh Road, Uddingston, South Lanarkshire, last Friday morning when a masked man approached him and stole the case of money.
The security officer was uninjured but left badly shaken, police said.
The suspect made off in a black Vauxhall Astra that headed towards Laburnum Road.
Ten minutes later police were called to a report of a black Astra on fire in a nearby street.
A 26-year-old man has been arrested by police in connection with the incident and is being held in custody.
Detective Inspector Kevin Jamieson said: "I would like to take this opportunity to thank local people for their help and assistance during this investigation, we welcome their co-operation and with their constant support we will continue to keep people safe."
A report is to be sent to the procurator fiscal and the man is due to appear at Hamilton Sheriff Court later today.