The incident occurred near Third Avenue and Prefontaine Place South at approximately 3 a.m.
The woman was standing outside, smoking, when a man approached her and asked for a cigarette. The man then pulled out a gun wrapped in a black scarf and held the woman at gunpoint as a second man rifled through her pockets, taking cash and car keys.
The men demanded the woman tell them where her car was parked, then sped off in the car toward the Central District.
The woman called 911, and police spotted her car at 12th and Yesler several minutes later. Officers tried to pull over the car, but the driver refused to comply, running several red lights in an attempt to elude police.
The driver eventually crashed to a stop near 30th and Yesler where he and the passenger ditched the car and fled on foot.
Officers searched the area and found one of the suspects walking near 31st and Jackson with the robbery victim's purse in hand.
Canine officers helped locate the second suspect, who was found hiding under a porch at 29th and Washington. Officers found in his possession the victim's cell phone, several rocks of cocaine and three counterfeit $100 bills.
Both men have been booked into the King County Jail for investigation of robbery and car theft.
Investigators are looking for two additional suspects. They said a man and a woman were riding with the arrested pair while they tried to run from police. No description was available.