Pele was riding in the passenger seat of a car when it was stopped near a slum by at least 10 young men armed with pistols and knives, the report said. Veja said Pele did not report the crime to police. The robbery also was reported by the Estado de S. Paulo newspaper.
No one answered repeated telephone calls to Pele's office Sunday.
Pele, 67, whose real name is Edson Arantes do Nascimento, helped Brazil win three of its five World Cup titles. He was legally declared a national treasure by the Brazilian government and in 1999 was voted Athlete of the Century by the world's national Olympic committees.