The Monmouth County Prosecutor's office tells Eyewitness News the suspect carjacked the vehicle around 12:20 on 13th Street in Hazlet.
Investigators say the suspect abandoned the car on Broad Street in Keyport.
The baby was found safe inside the vehicle.
The suspected carjacker was arrested in Aberdeen in the area of Cliffwood Avenue and the NJ Transit crossing.
He is identified as 44 year old Rodney Anderson of Jersey City.
Continuing updates as more details become available.