Reports in The New York Times suggest that the men placed ads on Craigslist claiming to be in possession of a bulk shipment of iPhones.
When prospective buyers responded to the posting, the men arranged for a meeting on a street corner.
The would-be buyers were then robbed of the money they brought for the iPhone, along with any other valuable possessions.
Police estimate that the gang used the tactic on at least four occasions between March and June. All four have been charged with robbery and possession of a weapon.
This is not the first time that the much-hyped iPhone has been used as a lure by criminals.
Even before its launch date, legitimate and nefarious auctions for the iPhone were appearing on eBay, some raising prices as high as $1,100.
Following the US release, an underground market for the iPhone emerged in other countries as counterfeiters peddled imitation handsets and resellers offered 'unlocked' iPhones hacked to work with outside networks.
Craigslist has also seen its fair share of users running foul of the law. The online classified site has at various times become the tool of choice for prostitutes, scammers and pranksters.
Muggers use iPhone to lure victims
Four men have been arrested in New York after offering iPhones over the internet and robbing those who responded..
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