Police say the robbers hit the First Citizens Bank located at 3604 Ramsey Street around 2 p.m.
"They pulled guns out and demanded money ... to our knowledge no witnesses have said any shots were fired," Fayetteville Police Dan Grubb said.
Eyewitnesses say the two men jumped into a 2-door burgundy colored Mercury and fled the scene on McArthur Road. An officer spotted the vehicle headed toward Fort Bragg at a high rate of speed near the Smith Lake area.
Officers say they saw what appeared to be two black males jump from the vehicle carrying bags and headed into the woods near Simmons Army Airfield.
Fort Bragg officials were notified and officers set up a perimeter as they searched for the suspects.
Fully armed combat MPS searched through the wooded area, while nearby W.T. Brown Elementary School was locked down as a precaution.
Just before 7 p.m., officials found one of the suspects inside a trash can on Harrill Circle in Spring Lake near Fort Bragg.
Officers and tracking dogs quickly spread out, hoping to pick up the trail of the second suspect.
Well into the evening, Army helicopters flew over the area using thermal imaging and night vision equipment to try and track down the second suspect.
"We will be out here as long as it takes to find this guy do you think he is still in the area we do," Grubb said.
Authorities say they are looking for 29-year-old Rodney Antawan Brown.
The first suspect has been identified as 29-year-old Larry Rodgers Jr., who is homeless.
Rodgers is charged with robbery, conspiracy to commit robbery and second degree kidnapping. Brown is also facing the same charges.
Authorities say both mean are repeat offenders with a history of robbery charges.
Police haven't said if Rogers is co-operating with investigators.
They are asking anyone with information on Brown's whereabouts to call detective Suggs at 433-1856 or Crimestoppers at 483-TIPS.