A man has been arrested and charged following an alleged armed robbery in central Sydney.

About 4am today (Sunday 15 January 2012), a 23-year-old male was walking along Central Street when he was approached by two males, aged in their mid to late teens.

One of the teens threatened the man with a knife and demanded he hand over his mobile phone.

The man gave his phone to the teen, who then left the scene on foot.

Police were alerted of the incident and soon after picked up a 17-year-old male matching the supplied description of the alleged offender.

The teenager was taken to City Central Police Station where he was charged with robbery while armed with an offensive weapon.

The matter will be heard before the courts in the coming weeks.