The PSNI say the incident happened shortly after 10pm on Wednesday evening
In a statement, the police say a dark-coloured Ford Mondeo stopped in front of a silver Nissan Qashqai car on Wheelers Road in the Hannahstown area.
Two men, one armed with a firearm, approached the Qashqai car and ordered the driver out of his vehicle.
The suspects then sped off in the direction of the Tornagrough Road area.
The driver was not injured during the terrifying incident.
Detectives at Grosvenor Road CID have appealed for anyone with information about the incident to contact them on 0845 600 8000.