The men, aged 18 and 19, were travelling in the taxi in Aitkenvale last night when they allegedly placed a wire around the 62-year-old driver's neck and pulled him back into the headrest.
The driver was then pulled out of the car and thrown onto the road, before the pair fled in the taxi.
Police chased the car along Bruce Highway for a short time before it was stopped by a tyre deflation device.
The men face several charges, including armed robbery in company using personal violence.
They were also charged over an alleged break-in at a property in Berserker last week and are due to appear in the Townsville Magistrates Court on Wednesday.
The taxi driver was taken to Townsville Base Hospital with minor head and arm injuries.
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