Police say the suspects pushed the taxi driver out of the taxi-cab after wounding him with a knife in the right hand.
The four youngsters were however picked up at Kokomba Market in Accra around 11:00 p.m. upon a tip-off.
The suspects had then offered to sell the newly registered taxi cab, with registration number, GG 2131-16, as a scrap at the market.
The move raised the suspicion of some members of the community who reported them.
Police have identified the four suspected car snatchers as David Asare, aged 19 years; Richard Awotey, 18 years; Gideon Addo, 18 years, and Millicent Adjatey an 18-year-old Form Two student of a Methodist senior high in the Eastern Region.
David, Richard and Gideon are all Suhum-based taxi drivers, Police say.