A driver was on bail when he allegedly went on a late-night rampage through Melbourne's CBD, forcing Swanston Street pedestrians to run for their lives.

A motorist mounted the footpath about 11pm on Tuesday, driving erratically and at high speeds before ramming his white SUV into ANZ and Commonwealth bank branches.

He then drove on to Crown Casino, where his car smashed through glass doors and came to a stop at the base of an escalator. The man was eventually arrested in the middle of the gaming room floor.

A man was taken to hospital under police guard and later charged with a range of offences, including five counts of criminal damage, conduct endangering life, dangerous driving, possess a controlled weapon, commit an indictable offence while on bail and fail to answer bail.