The incident happened around 3:30 p.m. in the 2500 block of Hallmark Drive, police said. The suspect allegedly fled in the victim's gray, four-door 2004 Jaguar, which was later recovered on Carlmont Drive.
Witnesses told police of a man in his early 20s who was spotted in the area at the time of the crime and the Police Department released a sketch June 5.
Police today said detectives have identified and located the man, who is in custody on similar charges in another county. His fingerprints were found inside the victim's Jaguar, police said.
Police are withholding his identity and charges have not yet been filed in the case.
The victim remained in critical condition today due to injuries sustained in the attack.
Police Chief Don Mattei said in a prepared statement, "Tonight, our citizens can rest easier knowing that significant progress has been made in this case. But there is still work to do, and our thoughts and prayers are still with the victim and his family."
Anyone with information on the robbery is asked to call the Belmont Police Department at (650) 595-7400 or the Belmont Crime tip line at (650) 598-3000.