Five men armed with axes smashed windows during the raid, which happened around 6.30pm local time.
Three of the raiders were arrested at the scene, according to local radio station RTL, while the other two are believed to have escaped on foot, prompting a police hunt for the perpetrators.
Eyewitnesses claim some of the perpetrators may have been carrying firearms while there are unconfirmed reports of gunshots heard nearby.
No one was injured in the raid, according to reports.
A source told the Sun: “The attackers used axes to smash open reinforced glass cases containing jewellery while filling bags.
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“As they tried to get away, police officers arrived and three of the robbers were pulled to the ground and then arrested.
“Two others got out the back door of the hotel and were seen running away, and then getting on mopeds.”
A tourist told Mirror Online that bartenders at the nearby Hemingway Bar yelled at people to “get down” as the masked men smashed their way into the hotel.
She added: “One man wearing a ski mask ran from the bar door to the front of the bar right past my father. He had an axe in his hand.
“We heard at least 10 rounds of gunfire so everyone dove behind the bar where we stayed there for about six minutes.”
A police insider told Le Figaro around €4million was taken by the robbers.
The Ritz-Carlton boasts 159 rooms and recently underwent a multi-million-pound refurbishment before reopening in 2016.
The hotel – which overlooks the Place Vendôme – is situated on the city’s 1st arrondissement and is one of the world’s most luxurious hotels.
More to follow…