The incident unfolded at around 4.30pm on Sunday in Clifton Street, Coseley.
A food delivery driver was approached by the two masked men who demanded the keys to his car.
They then fled the scene in his Seat Leon. The man was not injured.
West Midlands Police has now launched an investigation into the carjacking.
A spokesman for the force said: "We were called after a carjacking in Clifton Street, in Dudley, at around 4.30pm on Sunday, January 3.
"A food delivery driver was approached by two masked men who demanded the keys to his car.
"They then made off with his Seat Leon.
"The man was not injured and anyone with information is asked to contact us."
Witnesses can call West Midlands Police on 101, quoting incident number 20DY/2437B/21. Alternatively, call Crimestoppers anonymously on 0800 555111.