The joy-ride began shortly after 5am on Friday and ended with a collision into the entrance of a restaurant.
The man has been arrested on suspicion of, among other things, attempted murder as he was close to running over a woman.
“She had to jump out of the way,” a witness told the Aftonbladet daily.
The incident is reported to have begun following an argument between two men and a taxi driver.
The man stole the vehicle which had the words “taxi” painted in its front window, in a zig-zag across the junction between Vasagatan and Mäster Samuelsgatan, ramming into several vehicles on the way.
The man ultimately abandoned the vehicle on Olof Palmes gata and set off on foot.
A security guard gave chase after the man and police intervened to arrest him shortly after.
The man is reported to be 25- to 30-years-old and is now suspected of attempted murder, aggravated reckless driving, drunk driving, assault and car theft.
Despite the man’s reckless ride at the wheel of the vehicle, there were no reported injuries.
TT/The Local/pvs Follow The Local on Twitter