Police said two “young males” went into a taxi office on the Falls Road and got a taxi to Lower Cupar Street where they threatened the driver with knives.
The driver got out of the car and the hijackers sped off.
The terrifying incident happened just after 5 am.
During follow up inquiries, police found the car abandoned in the St Peters Court area.
A sum of cash and the driver’s mobile phone were taken.
Police in west Belfast have appealed for witnesses or anyone with information about the hijacking to contact them on the 101 non-emergency number..