Paul Granados, 54, has been charged with one felony count each of first degree murder, armed robbery with a firearm, and possession of a controlled substance, authorities said.
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Police said the shooting happened at about 3 p.m. Wednesday at a currency exchange in the 5000-block of West Fullerton Avenue in the city's Belmont Cragin neighborhood. The victim was identified as Horacio Galvan-Hernandez.
Granados allegedly walked into the currency exchange and shot Galavan-Hernandez in the head as he attempted to rob the establishment.
Galavan-Hernandez was pronounced dead at the scene. Police confirmed he was an employee of the business; friends and the building's landlord said he was the owner.
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Granados was allegedly caught on surveillance tape.
Neighbors said Galvan-Hernandez had worked to guard his business from this exact kind of crime.
"A couple times we went to neighborhood watch," said Olivares.