West Midlands Police has now launched an investigation after the incident unfolded in Salter Road, Tipton, shortly after midnight on Monday.
The 24-year-old victim was walking home after parking his car, when he was approached by the three offenders who sprayed him with fire extinguisher.
The men then threatened him with a hammer before stealing his Renault Clio.
They fled the scene in the car which was later recovered in the Walsall area.
A spokesman for West Midlands Police said: "We are investigating after a 24-year-old man was attacked during a car-jacking on Monday morning.
"The man had parked his car on Salter Road, Tipton at 12.05am and was walking home when he was approached by three men.
"They sprayed him with a fire extinguisher and threatened him with a hammer, before stealing his Renault Clio.
"The attackers got in the vehicle and drove off in the direction of Upper Church Lane. The car was recovered a short time later from Anderson Crescent, Walsall.
"Forensic analysis and CCTV enquiries are on-going."
Anyone with information is asked to call West Midlands Police on 101, quoting incident number 20SW/219534Z/19. Alternatively, call Crimestoppers anonymously on 0800 555111.