Knife wielding men robbed a delivery man outside a supermarket in the Mong Kok district, police said.
Police have arrested two men and recovered some of the stolen loo rolls, local media reports said.
The armed robbery took place in Mong Kok, a district of Hong Kong with a history of "triad" crime gangs, early on Monday.
According to local reports, the robbers had threatened a delivery worker who had unloaded rolls of toilet paper outside Wellcome Supermarket.
An Apple Daily report said that 600 toilet paper rolls, valued at around HKD1,695 ($218; £167), had been stolen.
Stores across the city have seen supplies massively depleted with long queues when new stock arrives.
