The two victims, both 16-year-old boys, were approached by the offender on the path under Bridge Street near Banbury Railway Station between 2.45pm and 3pm on Tuesday, April 9.
The mugger took two mobile phones, a phone charger and wireless earphones – neither victim sustained any injuries during the incident.
An 18-year-old man was arrested on suspicion of robbery and has been released on police bail.
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Case investigator Pauline Heilbron of Bicester police station said: “We are appealing for any witnesses who may have seen or heard anything in connection with this incident to make contact with us.
“I’m particularly keen to speak to a man who was on a passing canal boat and acknowledged the boys as he drove past.
“Thankfully no-one was hurt during the incident, but it was a scary experience for both victims.
“Anyone with any information should call 101 and quote reference number 43190107844.
“Reports can also be made online or you can call the independent charity Crimestoppers 100 per cent anonymously on 0800 555 111.”