The theft occurred on the 2300 block of North Lakewood Avenue, between Lakewood and Fullerton, around 7:54 p.m.
According to police dispatch reports, someone inside the Lakewood Avenue home saw two black males, between the ages of 14 and 16-years-old, rummaging through several purses on the patio.
When police arrived, they chased the suspects, who split up, in two different directions.
One offender was arrested after he was found hiding in a dumpster next to 1214 West Montana Avenue, said police. Authorities also recovered a purse from same dumpster.
At the time of this report, police were still looking for a second offender who was possibly hiding in a construction site near Fullerton and Racine.
Police found two more handbags near the construction site.
At 8:36 p.m., the Chicago police k-9 unit joined in the search for the second thief.
If more details emerge, this article will be updated accordingly.
UPDATE: 8:59 p.m. -- According to a DePaul University student, the missing suspect did not enter the construction site. The purse-thief hopped over a nearby wall and fled the area.