Toronto Police have arrested two teens after a bank in North York was robbed at gunpoint over the weekend.

Police allege 19-year-old Jacob Frantzen and a 15-year-old boy entered a bank in the Yonge Street and Highway 401 area at approximately 3:25 p.m. on Saturday and demanded cash. One of them was armed with a gun, police said.

An off-duty police officer saw the two masked suspects fleeing the scene in a car.

Police located the vehicle in Ajax at approximately 4:50 p.m. and arrested Frantzen.

On Tuesday, officers arrested the 15-year-old at a theatre in the Highway 404 and Sheppard Avenue East area.

The younger teen, who cannot be identified, was carrying a firearm at the time of the arrest and is awaiting trial on five other robbery convictions, police said.

Frantzen has been charged with armed robbery and disguise with intent.

The 15-year-old is facing charges for 12 offences, including armed robbery, robbery with face disguised, and two counts of unauthorized possession of a firearm.