It happened near Sentinel Road and Murray Ross Parkway, which is in the Village neighborhood in the York University neighborhood.
Police say a 27-year-old man was sitting in his parked vehicle waiting for a friend to arrive when two masked suspects approached.
It is alleged that one of the suspects then grabbed the man by the shirt while the other pointed a handgun at him.
Police say both suspects asked the man to get out of the vehicle. After he complied, they got into his vehicle and fled, according to police.
Members of the Hold Up Squad were able to identify the suspects through a search and about a week later, on July 7, both were taken into custody.
Police say a loaded handgun was also seized during their arrest.
Jayvon Levers, 18, of Toronto, faces 22 charges, including robbery with a firearm. The second suspect, a 17-year-old boy from Toronto, faces 16 charges. He cannot be recognized under the terms of the Youth Criminal Justice Act.