Dennis Holloman, 47, who lives in the same complex in the 5400 block of Wissahickon Avenue, was arrested for his alleged involvement in the crime.
However, police did not release any details about his involvement as this investigation continues.
Holloman is charged with Criminal Conspiracy, Burglary, Criminal Trespass, Theft-Unlawful Taking and related offenses.
Police say two men broke into an apartment in East Falls around 1:00 a.m. Tuesday and stole the key fobs to a 2006 Lamborghini and a 2006 black Bentley.
But, it wasn't long before the cars were found.
Police recovered the yellow Lamborghini Gallardo, with a "Batman" logo on the back, in the 400 block of West Upsal Street in the West Mount Airy section of the city just before 7:00 a.m.
The 2006 Bentley Continental Flying Spur was found around 9:30 a.m. in the 500 block of West Abottsford Avenue in Germantown.
Two large-screen televisions, a computer and close to $1,500 in cash were also stolen before the suspect or suspects drove off in the luxury cars.
Those items were also recovered.
Anyone with information is asked to contact Philadelphia Police at 215-686-TIPS (8477), text a tip to PPD TIP (773847) or through PhillyPolice.com.