His accomplice then drove the getaway car before abandoning it in Papatoetoe.
One Polynesian man and one Caucasian man were wanted for what the Counties Manukau detective believed was a unique theft.
"As far as I know there's nothing with a similar MO," he said.
The man accused of stealing the bag was caught on closed-circuit television.
Police said he was Polynesian, in his 20s, about 6ft (1.83m) tall and athletically-built. He wore a cap, sunglasses and white t-shirt with shorts and running shoes.
The White man who drove the car was in his mid to late 20s, with a shaved head.
Detective Potter said police had recovered the cash bag from an address in Counties Manukau but the money was still missing.
The detective said associates of the two men might have noticed them flashing cash around or spending freely.
"Obviously these guys have come into a fairly significant amount of money."
Police said anybody with information should call Detective Potter on 021 1910648 or provide information anonymously to the independent Crimestoppers group on 0800 555 111.
In December 2012, security company boss Damian Waters told the Herald on Sunday 36 of his Kiwi cash-in-transit operations were hit in the preceding three years.
In December 2013, two masked men robbed a cash-in-transit van at gunpoint in Massey, West Auckland.
