Armed robbers raided the Ritz hotel in Paris and stole jewellery believed to be worth "millions of Euros".
The Paris police department announced the information on its official Twitter, adding that two other suspects are still on the run. French newspaper Le Parisien, cited by Britain's The Independent, said an officer used a Taser to stop the three suspects. Various witnesses reported hearing gunfire, with one witness telling Sky News they heard at least "10 rounds" fired during the incident.
It is not uncommon for world-famous jewellers to display their jewels in the Ritz hotel in Paris.
TV station BFM said the jewels were worth €4.7m (£4.16m).
The former home of fashion designer Coco Chanel and author Marcel Proust, the Ritz was a favourite drinking hole of American writer Ernest Hemingway.
Security had been boosted in the area, which also houses France's justice ministry, in 2014 after several daring armed raids on Place Vendome in which jewels worth between 420,000 (B16.10mn) and two million euros (B76.66mn) were seized.
Mohammed al Fayed bought the hotel in 1979 and carried out major renovations to bring it back to its original popularity.
"Passers-by took refuge in the hotel".