The man and his two passengers were forced out of the vehicle by three armed men who drove up to them in a CRV.
Police report that the man had just returned from a haus krai with his two cousin brothers when they went to the BSP ATM at Boroko.
The incident took place around 12am, with the matter reported soon after at the Boroko station.
K400 in cash and three phones, including an iPhone, was taken with the car.
Police are urging the general public to be cautious when travelling about during the late or early hours of the day.
Police are now looking into the matter.