The store's owner- who was shot at several times- survived by using a baseball bat to fight off the gunman.
Cornell Mack, 53, has been charged with attempted first degree murder, armed robbery and discharge of a firearm.
The investigation continues regarding an additional offender, according to officials.
Mack has a long criminal history dating back to 1978. Court records show he has been arrested more than 22 times and has served time in prison at least five different times.
The surveillance cameras capture the story: Store owner Luis Quizhpe comes face-to-face with a gunman who is firing one shot after another as Quizhpe fights back with a baseball bat.
- RAW VIDEO: Dramatic surveillance footage
"My father pulled a bat and started swinging at them," said Juan Quizhpe, Luis's son. "One of the robbers actually shot his partner, and that's when they tried to flee."
Luis Quizhpe is glad to be alive.
"Thank you to Jesus," he said, "Another chance."
Chicago police confirm two would-be robbers entered the store on North Western Avenue Tuesday around 5:30 p.m.
Quizhpe and another relative were inside the store and even handed one of the robbers a tissue before the violence.
"One of the guys said, 'Give me the money or you are dead'," said relative Luis Aucaquizhpi.
During the violent struggle, several shots were fired, but Quizhpe and Aucaquizhpi fought back.
"I almost got killed," said Aucaquizhpi.
Quizhpe was shot in the thigh and was released from the hospital Wednesday.
The robber jumped the counter, realizing he had to buzz the door to get out.
The robbers ended up leaving, fleeing the store.
"My father is a brave and courageous man, and I thank God for a father like that," said Juan Quizhpe.
Business owners say Quizhpe and his family are religious and well-known in the Ecuadorian community.
"They believe in their religion," said John Gutierrez. "Their belief is if it's my time to go, it's my time to go."
On Thursday, Quizhpe's daughter said her father was recovering from the incident.
"He is doing much better. He thanks everyone, family and friends, for praying," said Luisa Quizhpe. "Even the people who robbed us, we need to pray for them, too. They need to find God and find a better way to live."