According to The National, Cannings was driving home when he was stopped by an illegal road block near the Madang Country Club.
A group of youths reportedly pointed a gun at the judge when he stopped his car, then assaulted him and stole his vehicle, which was later abandoned at a sewage dump.
Cannings serves for both the national and supreme courts and, despite the attack, is reportedly not suspending any of the cases before him.
The culprits are still at large.
Ramu NiCo executive vice president Gu Yuxiang is another recent high-profile victim of armed robbery.
Earlier this month he was fortunate enough to escape a group who kidnapped and tortured him over demands to pay 400,000 kina.