The suspect, Kwadwo Poku, according to Assistant Commissioner of Police (ACP) Kwaku Ampofo Duku, Deputy Ashanti Regional Commander, was arrested based upon intelligence.
Speaking at a media briefing in Kumasi, he said Poku did not act alone and gave the names of his accomplices as Bismark and Ebenezer.
They are on the run and every effort, he said, is being made to arrest and prosecute them.
ACP Duku said the criminals engage the services of the taxi drivers and midway through the journey forcibly seize the cars.
The last time they struck was on January 8, at about 2200 hours.
He said the police received information that one of the snatched cars had been put on sale and moved to the place where Poku was arrested, which led to the recovery of the two other cars.
ACP Duku said a victim-driver, has identified the suspect as one of those who attacked and robbed him of his car.