The man in his 60s, whose name was not disclosed, was kidnapped on Tuesday in Lima shortly after meeting with an acquaintance.
His family immediately contacted police after an unknown man answered his cell phone when an employee from his company tried to reach him.
Peruvian police said the kidnappers, who had demanded a large ransom from the victim's family in Korea, were apprehended after a furious car chase that resulted in a gunfight in the downtown area of the Peruvian capital.
Authorities said one of the two grenades thrown by the criminals exploded, injuring a police officer during the rescue operation. Police arrested three kidnappers and rescued the Korean, who was in the rear seat of the vehicle. The victim is currently at a hospital there, according to the Korean embassy in Peru.
Peruvian newspaper El Comercio reported that police arrested three Venezuelans in their mid to late 20s. They are believed to be part of a criminal ring operating in the area.
Peru, once considered as a relatively safe country in South America, has seen a rise in crime due to the economic downturn following the outbreak of the coronavirus pandemic.
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