Her risky prank was caught on camera and posted online, where it has been viewed more than 700,000 times.
The camera pans over the ledge and shows the chair tumbling toward the Gardiner Expressway.
Internet sleuths had been trying to track down the woman since Monday.
The video was then uploaded to Facebook, where it went viral and caught the attention of local authorities.
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He declined to release the woman's name or age, but told CBC Toronto: "We are in the midst of contacting her and giving her an opportunity to consult a lawyer and turn herself in".
No injuries were reported in the incident which is believed to have happened at 10 a.m. on Saturday, with the chair landing next to a bike rack at the front entrance of the condo building.
Police launched a criminal investigation into the matter on Sunday and made a public appeal for information on the woman's identity one day later.
Police have yet to identify the person in the video, and it's unclear as to when the clip was shot.
Police have described the incident as "outrageous".