The watch was stolen on Friday but was later recovered and will be returned to him, the gendarmerie in the Var region said.
The suspects allegedly fled by car after the theft and were later arrested in the nearby town of Cogolin.
According to regional daily Nice-Matin, police caught them after a chase through the winding roads around the Gulf of Saint-Tropez.
Saint-Tropez, a magnet for celebrities, millionaires and luxury tourism, sees organized gangs descend every summer to target expensive watches and jewellery.
Around 15 luxury watches have been reported stolen in the Saint-Tropez area since the start of the season, according to the gendarmerie.
