It happened around 12:45 p.m. Thursday at the Giant Store at 721 Sproul Road in Springfield.
Police say the victim was approached by a man, who distracted her by asking numerous questions about items on the shelf.
Meanwhile, a woman approached from behind and reached into the victim's purse, which was sitting in her shopping cart.
That woman removed the victim's wallet and a bank envelope containing $500 cash.
Both suspects then left the store and got into the same vehicle, a newer grey 4-door Kia.
The victim only discovered that her wallet was missing when she approached the checkout counter.
Anyone with information should contact police at 610-544-5504.