The name of the suspect wasn't immediately released. He was taken into custody at New York Penn Station, Port Authority officials said. Details on the charges against him weren't immediately available either.
The 45-year-old victim had been standing with her 10-year-old daughter near the main concourse information booth around noon Friday at the time of the robbery.
Cops say the daughter was sorting money in her mom's wallet when the suspect reached into the wallet and grabbed $70 cash.
Surveillance footage shows the suspect taking off into the subway, jumping the turnstile. The bearded man was wearing blue jeans, a blue-and-white jacket and a brown overcoat. No injuries were reported.