The boy, along with another teenager, are accused of being inside a stolen Mercedes that lost control and flipped onto its side near a school crossing in Hawthorn.
Police arrived shortly after and arrested the 16-year-old boy.
He was found with a machete and had asked to phone his mother.
Voss, who is the current coach of Carlton and was a triple premiership captain with the Brisbane Lions, jumped over bins and scaled a fence along with James Laskie, owner of the Barton Milk Bar to catch the teen.
“Michael Voss started chasing them and I did as well,” Laskie said.
They went into an apartment block and we had to scale a couple of fences and jump over a couple of bins, which was pretty hectic.
“One of them got away, but (Voss) grabbed the second guy and had him on the floor.
“Police did a search of him and they removed a large knife from him and it was a decent-sized knife.”
Detectives believe the Mercedes was allegedly stolen from an address in Ivanhoe East on August 21.
The 16-year-old Mooroopna boy has since been charged with theft of a motor vehicle and possessing a controlled weapon.
He will face a children’s court at a later date.
Police continue to search for the second boy, who is described as having a fair complexion, long blonde hair and wearing a black cap, black and white scarf, black hoodie and black pants.