The suspect, Johnny Boyd, is behind bars on $400,000 bail, the district attorney's office said during a news conference on Tuesday.
The victim, Jenny Pringle, attended the news conference.
Investigators say Boyd targeted Pringle inside a Rite Aid as she was waiting for her prescription.
He allegedly lunged at her and grabbed her purse, but she fought back.
"This attempt was largely unsuccessful. Miss Pringle held onto her purse until she was literally pulled out of her chair. Now I only say that to demonstrate not only her toughness but also the force that was required to separate her from her belongings," said Asst. District Attorney Alexander Blumenthal.
The suspect fled but was captured a short time later and all of Pringle's money was recovered.
Prosecutors mentioned that Pringle had just come from the gym before stopping at the pharmacy.