Police were initially alerted to a tracker alarm that had been set off in a stolen van on Townend Street just before 11.20am.
When officers arrived at the scene they saw the van and another stolen car parked at the side of the road.
Police said a group of people tried to speed off in a red Ford Fiesta, but officers pursued them.
"Our on-board systems showed the red Ford Fiesta had been reported as stolen too," said a spokesperson for West Midlands Police.
"Traffic officers were joined by various other teams as we tracked and pursued the car before it came to a stop in the centre of Walsall on Stafford Street more than half an hour later."
Four teenage boys, three aged 16 and a 17-year-old, were arrested from the car on suspicion of theft of a motor vehicle and robbery.
Police said one of them had the keys to the stolen van in his pocket.
The driver, aged 17, was further arrested for various driving offences and one of the other boys was arrested for possession of cannabis.
They have all been released on police bail.