The robbery happened around 11:40 a.m. Tuesday at the Republic Bank branch located at 1601 Market Street.
Police say a man entered the bank and handed the teller a note demanding money. The quick thinking teller gave the suspect bait money with a dye pack, which is said to have exploded on the man's face and hands as he fled the bank.
The man later dropped the dye pack and money outside of the Susquehanna Bank located at 17th and Market streets.
There were no injuries to others.
Minutes later, at 18th and Callowhill Streets, Philadelphia Police Detectives spotted 30-year-old Christian Stephens of the 4500 block of North Darien Street, who fit the description of the suspect from the bank robbery.
Stephens was stopped by detectives, positively identified, and placed under arrest.
He will be charged with robbery and related offenses.
