Year 9 student Benjamin was walking home with three other students from Glen Eira Secondary College when a grey Volkswagen approached about 3.35pm on Monday.
The victim was allegedly pushed into the car before it took off.
He was left with "life-altering" injuries after he was allegedly ejected out of the moving car.
Speaking to media today, Victoria Police Inspector Scott Dwyer said more arrests were expected over the coming days.
"There has been an arrest of a 14-year-old youth gang member who we believe is the principal offender from this incident," he said.
"I anticipate in the hours that follow and the days that follow there will be further arrests, that will give us some comfort that the incident we saw would be addressed."
"I want the community to know we are there with them, we are responsive and we take action.
"We are there trying to prevent these crimes."
At least two students have come forward to report similar incidents since police appealed for witnesses in relation to the attack on the Glen Eira Secondary College student.
The two from the same school, aged 14 and 16, contacted police about being attacked or robbed.
"We believe these to be the same offenders and linked to the same circumstances," Dwyer said.
More to come.