Waterloo Regional Police were in the area of Columbia Street West and Fischer-Hallman Road North in Waterloo to receive reports of a bank robbery on Tuesday afternoon.
Police said they were called to the area around 4 p.m.
In a tweet, they warned the public of an increase in the presence of agents in the area and asked people to avoid it.
Police said no one was injured.
The investigation is being conducted by the Waterloo Regional Police Robbery Unit.
This is a story in development and will be updated.