Five thieves made their way into the luxury hotel on Wednesday evening and took £4.16 million worth of jewels in the brazen heist.
"Armed robbery at the Ritz: three of the presumed thieves already arrested by police from the 2nd arrondissement".
The three threw bags of jewels out of a window to at least two accomplices outside, police said.
A police source has said: "The loss is very high and remains to be assessed,".
The publication is reporting that three of the five men have been arrested, though it is unclear as to whether the jewels have been recovered.
The suspects were wearing gloves and balaclavas and carrying handguns as well as hatchets, according to police sources.
Many world class jewellers display their products at the luxury Ritz hotel.
"We heard shouting and screaming from right outside the door".
Gérard Collomb, French interior minister, praised the "sang-froid, professionalism and quick reactions" of the officers who detained the suspects.
'There were initial fears that a terrorist attack was going on, but it soon became clear that it was a robbery.
Princess Diana famously dined at the hotel with Dodi al Fayed before they both died in a tragic vehicle accident in the Pont de l'Alma underpass.
The Ritz was the last building Princess Diana and Mr al Fayed's son, Dodi, left before their vehicle journey that ended in tragedy under the Pont de l'Alma on 31 August 1997.
In October 2016, jewellery worth €10m was stolen from the American reality TV star Kim Kardashian in Paris.
Diana, Princess of Wales dined at the hotel shortly before she was killed in a auto crash on the night of August 31, 1997.
Place Vendome, where luxurious jewelers and high-end watchmakers display their multi millions worth goods, is also home to the French Justice Ministry; it has been the scene of several dramatic daytime robberies.