Police said the suspect approached the victim at the Festival of Lights event in downtown Riverside on Dec. 5 and asked him for a portrait of himself.
After the artist finished the caricature, the suspect grabbed a money bag from the victim, which contained about $500.
The suspect then ran away, leaving the portrait behind.
Authorities released the caricature in hopes someone would recognize him. They do say it is of the suspect but has exaggerated characteristics and features.
The Festival of Lights is a Southern California holiday tradition featuring food, vendors, entertainment, and lighted displays. Riverside is located approximately 50 miles from Los Angeles.