Iqbal alias Babu (40) was arrested last evening near Murga Mandi at Ghazipur in East Delhi after the Anti-Robbery Cell of Crime Branch laid a trap for him on the basis of a tip-off.
One pistol and four live cartridges were recovered from his possession, police said.
"In a long list of crimes (by Iqbal), the latest was a daylight robbery at gunpoint of Rs 35 lakh from a businessman in April this year.
"A year back, along with an aide, he had committed another robbery at gunpoint, of Rs 15 lakh in Noida," said Additional Commissioner of Police (Crime), Ravindra Yadav.
He was earlier arrested by Delhi police in 2006 but managed to escape from the custody of Punjab police a year later while being brought to the national capital to appear in a court.
"After his escape, he was involved in several robberies and was declared a proclaimed offender.
"A cash reward of Rs 50,000 had been announced for his arrest," police said.
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