The boy grabbed the keys from an unlocked drawer in the family's apartment near central Hong Kong, revved the engine and drove off in the two-door car on Monday, the South China Morning Post said.
He hit a vehicle in the car park but continued driving the car - for which his businessman father paid HK$1.6 million ($200,320) in 2009 - for another 300 metres down a busy road before he stopped and a passer-by called the police.
"Police arrested the 10-year-old for driving without a licence and taking a conveyance without authority under the theft ordinance," a police spokeswoman said, adding that the boy has been released on police bail.
The boy is required to report back to the police station later this month.
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