Police in Fadama in the Greater Accra Region say the four youngsters were picked up at Kokomba Market in Accra around 11:00 p.m. upon a tip-off.
Police say the suspects had offered to sell the newly registered taxi cab as a scrap at the market, a move that raised the suspicion of some members of the community to report them.
The four suspected car snatchers have been identified 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.