The FBI says he was captured in San Bernardino County, Calif.
The FBI says the 32 Bandit was one of two juveniles arrested in Rancho Cucamonga. The arrest happened on Wednesday night after a robbery in the area.
The suspect's name has not been released, but authorities say he was on probation.
According to the police in Rancho Cucamonga, two 17-year-olds were arrested. One was white, 5 feet 11 inches tall and 157 pounds. The other was Arabic, 5 feet 7 inches tall and 145 pounds.
The two were arrested after a robbery where a person with a handgun and wearing a hoodie robbed a store on Wednesday. Another store was arrested about 15 minutes later. During the second robbery, police in Rancho Cucamonga say two off-duty officers saw the suspect run from the store and get into a Honda Accord with Colorado license plates. The suspects were followed to a 7-Eleven store and they were arrested.
Police in Rancho Cucamonga say a follow-up investigation discovered the two were wanted for more than 28 armed robberies in Colorado.
It was believed the 32 Bandit has robbed at least 24 locations in the Denver area, many of them in Aurora and Arapahoe County.
Among the Colorado robberies was Aliesha's Best Pizza in Aurora. In surveillance video, the robber is seen on surveillance video holding a gun to the owners head and demanded money.
"It had all of us shook up we were always watching our back," Aliesha Nutall, owner of Aliesha's Best, said.
Ever since Nutall was robbed three weeks ago, she has been installing more safety devices in her shop. She says she feared the bandit would come back after she spoke to the media. Now that two people are in custody, she says she will be able to sleep a little easier.
"It's sheer joy - a moment of peace and serenity. I really look forward to his trial," Nutall said.
Investigators believe the latest robbery committed by the 32 Bandit happened on March 15 at the Jimmy Johns near Arapahoe Road and Yosemite Street.
It's believed the first of the armed robberies began on Jan. 23. In all of the incidents, the man comes into the store wearing a hoodie and a mask and takes money from the cash register.
The 32 Bandit got his name because in one of the early robberies he was wearing a sweatshirt with the No. 32 on it.
The 32 Bandit has had a handgun in all of the robberies. Because his identity was so well concealed, police have had a hard time creating a specific description of the robber.
Aurora Police say they were in the process of preparing a warrant for one of the suspects arrested on Wednesday. A police spokesperson says the warrant was for an armed robbery at a Subway in December, but they didn't know the guy was the 32 Bandit until Thursday afternoon.
The reward for tips leading to an arrest had jumped to $12,000, provided by a variety of groups.
The Arapahoe County Sheriff's Department is taking the lead on the investigation for the metro area. The sheriff says it is too premature to say if the 32 Bandit has been arrested and would only say two people of interest are in custody.