The sheriff's office said the taxi driver was hired to take three people from a home on Chamber Court to a Taco Bell on Spring Hill Drive just after 10 p.m. Wednesday night.
When he arrived, three teens, ages 17, 16 and 13, got in his car.
The victim drove a short distance before one of the teens asked him to stop so they could retrieve their cell phone.
After all three teens got out of the taxi, the 16-year-old pulled out a gun and demanded money from the driver, deputies said.
In fear for his life, the victim handed over all of the money in his pockets. That's when the teens took off and ran into a nearby wooded area.
The Hernando County Sheriff's Office called in a K9 and their aviation unit to find the suspects.
Investigators said K9 Justice and his handler, Cpl. Miller, were quickly able to locate all three teens and take them into custody.
Deputies discovered two firearms in the backyard of the 16-year-old's home on Chamber Court.
All three suspects were charged with felony armed robbery and taken to the Department of Juvenile Justice facility in Ocala.
The sheriff's office said they are now investigating the teens as suspects in an armed robbery of a food delivery driver in Spring Hill on Tuesday.