The 16-year-old was accused of forcibly stealing a car from a 38-year-old man on Feb. 28 in the 7500 block of North Clark Street, police said.
The teen was arrested Tuesday in the Gresham neighborhood.
He faces one felony charged of aggravated vehicular hijacking with a firearm, according to police.
Chicago police released data over the weekend showing 57 percent of carjacking suspects are juveniles.
At a town hall on Saturday, Mayor Lori Lightfoot said "young people that feel unloved" are part of the issue.
"There are too many young people in this room that feel unloved, and we need to change that if we are going to change the trajectory of their lives," Lightfoot said.