The alarm was raised on Sunday morning after the 27-year-old man was not found in his cell. Early reports suggested that the convict had dug his way out of his cell but these have since been denied by the police.
"He is out of the cell but how he made it out or how spectacular it was I can't comment," Johan Jönsén of the Stockholm police told the TT news agency.
Swedish newspaper Aftonbladet reported that the man had been convicted of several crimes including aggravated robbery. The paper added that police suspect he may have benefited from outside assistance as holes were found cut into the prison fence.
A large scale operation to find the fugitive is currently under way with the authorities using tracker dogs to find him. He is described as being 179 centimetres tall (5ft 9in) with a shaved head and multiple tattoos.
It is likely that he was wearing prison issued clothing at the time of the escape but police have said he is not a threat to the public.
"I wouldn't classify him as being dangerous to the public," press spokesperson Kjell Lindgren told Sveriges Television (SVT).
Lindgren's description of the fugitive as backed up by the prison press secretary Cathrine Söderberg who said the public did not need to "feel worried."
The police said there will be an "intense" effort put in to tracking the man down.
"We will do everything we can to try and get him," Lindgren added to Aftonbladet.
Storboda prison, north of Stockholm, is described as mid-level security facility with places for 93 inmates.