The incident occurred at a campsite on the Tumut River, off East Blowering Road near Tumut, about 8pm on Tuesday.

Police have been told that a 67-year-old man was allegedly threatened with a knife then assaulted by another man before he was robbed of his wallet and keys.

The man then left the scene in a Toyota HiAce van, travelling towards Tumut.

Officers attached to Riverina Police District observed the van being driven on East Blowering Road.

Police said the Toyota was stopped nearby before the driver got out of the vehicle and entered the nearby Tumut River.

Officers pursued the man on foot for a short time and the PolAir helicopter was called in to help with the search.

The helicopter crew managed to spot the man in bushland.

He allegedly re-entered the water but was arrested about 11.45pm on a nearby property.

The 58-year-old man, from Bondi, was taken to Tumut police station and charged with assault occasioning actual bodily harm, larceny and aggravated robbery.

He was refused bail and is due to appear in Wagga Local Court on Thursday.

The 67-year-old was treated by paramedics at the scene for head injuries.

Police seized two vehicles, which will be forensically examined.

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