Police say that a tip led them to 31-year-old Akingide Cole, who had been on the run since Oct. 10.
Police say Cole snuck into a restricted area of the casino around 6 a.m. and made off with the chips.
"The subject went into a part of the casino that was closed down and went into a chip dealing area, but there was nobody in there," said Robert Duvall, of the Las Vegas Metro Police Department.
"He pried open a lock on the chip container and then made off with a lot of high-denomination chips," Duvall said
There were no weapons involved in the crime, and no confrontation occurred between the suspect and others during the incident.
Investigators have recovered $396,000 in chips so far.
The redeemable value of the chips is about $10,000 becasue of internal protocol that would flag the biggest chips, a spokesman for the Venetian's parent company said.