William Fuller, 30, was arrested at about 8 p.m. and is alleged to have driven the vehicle used in the robbery, police said.
He has been booked into county jail on suspicion of murder, two counts of attempted murder, conspiracy to commit a felony and robbery, police said.
The incident began shortly after 9:15 a.m. at the Wells Fargo bank at 1374 Fitzgerald Drive.
A guard of a Loomis armored vehicle was leaving the bank with a bag of cash when two men assaulted her and attempted to rob her, police said.
The guard resisted and the group began shooting at each other, police said.
The guard and both suspects were injured.
The guard was taken to a hospital, where she was in serious but stable condition today, police said.
The two suspects attempted to flee, but police caught up to one of them, identified as 25-year-old San Pablo resident Pierre Daniel, on Fitzgerald Drive near the bank.
Officers allegedly ordered him not to reach for a gun, but he reached for it anyway and an officer shot him, police said. He was pronounced dead at the scene.
During the confrontation, Pinole police Officer Brian "Justin" Takacs was shot in his left shoulder, police said.
Police today were still trying to work out who shot Takacs, who has been with the Police Department for two and a half years. Prior to that he served in the U.S. Air Force.
Takacs was scheduled for surgery this afternoon and is expected to recover from his injuries.
While police were investigating the shootings near the bank, Pierre Daniel's brother Freddie Daniel, 24, of San Pablo, was dropped off at a local hospital with a gunshot wound.
Freddie Daniel has undergone surgery, but remained in critical condition today. He is facing the same charges as Fuller.
Pinole police, the Contra Costa County Sheriff's Office, Richmond police and the Contra Costa County District Attorney's Office are continuing to investigate the case.
The Teamsters union, which represents Loomis armored vehicle guards, issued a statement today accusing Loomis of making cuts that have left guards vulnerable to attacks like the one Wednesday.
According to Adolph Felix, a business agent for Teamster Local 853, the company has reduced the standard three-person armored car crew to two people, which means that one person waits in the car while the second person carries large amounts of cash from banks to the car without the cover of a third guard.
"This cost-cutting measure encourages attacks of this nature as Loomis guards are viewed as easy targets," Felix said.