The new work, three military drones painted on top of a red stop sign, was showcased on the elusive street artist's social media yesterday.
The video showed one man holding a Lime bike while another man was standing on top and appeared to use bolt cutters to tear the sign off.
"He ripped it off and ran across the road and ran away," a witness told PA Media.
"He said nothing. He didn't seem to care that much about the art itself."
A man has since been arrested on suspicion of theft and criminal charges, Metropolitan Police confirmed to the BBC.
Authorities also told the outlet a new traffic sign had been put up in its place to avoid endangering motorists while police investigate the matter.
Banksy's works have been notorious targets for theft and destruction in the past.
The artist himself has also partaken in the destruction of his own art.
https://news.google.com/rss/articles/CBMihwFodHRwczovL3d3dy45bmV3cy5jb20uYXUvd29ybGQvbWFuLWFycmVzdGVkLW92ZXItYWxsZWdlZC1yZW1vdmFsLW9mLW5ldy1iYW5rc3ktYXJ0LXBpZWNlLWluLWxvbmRvbi8yYWI0NTIyZS0xMTU0LTRkMTUtOTc4Yi1mYzAzYjQxYzRjNGTSAUVodHRwczovL2FtcC45bmV3cy5jb20uYXUvYXJ0aWNsZS8yYWI0NTIyZS0xMTU0LTRkMTUtOTc4Yi1mYzAzYjQxYzRjNGQ?oc=5
2023-12-24 04:00:41Z
CBMihwFodHRwczovL3d3dy45bmV3cy5jb20uYXUvd29ybGQvbWFuLWFycmVzdGVkLW92ZXItYWxsZWdlZC1yZW1vdmFsLW9mLW5ldy1iYW5rc3ktYXJ0LXBpZWNlLWluLWxvbmRvbi8yYWI0NTIyZS0xMTU0LTRkMTUtOTc4Yi1mYzAzYjQxYzRjNGTSAUVodHRwczovL2FtcC45bmV3cy5jb20uYXUvYXJ0aWNsZS8yYWI0NTIyZS0xMTU0LTRkMTUtOTc4Yi1mYzAzYjQxYzRjNGQ
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