According to ABC News, inside the Nissan Pathfinder police found: Three propane cylinders, two five gallon jerry cans of gasoline, a canister of powder, electrical components and an alarm clock.
Police at the scene said, "It's the real deal."
Bomb techs from the FBI New York office were on scene with the NYPD Bomb Squad to aid in the investigation.
Thousands of tourists and theatergoers were cleared from the area because of the scare.
It started with a report of a vehicle fire around 6:35 Saturday night.
The vehicle was parked on 45th Street west of Broadway.
Witnesses said they heard an explosion, then saw smoke coming from the car.
"It was a boom and a puff of smoke," one man said.
"I saw people running, turning tables," Paula Delarrosa said.
A New York City firefighter told ABC News that the vehicle was smoking and also said he saw "a flash" from the back of the SUV. The firefighter said a "mini-explosion" occurred between 6 p.m. and 6:30 p.m.
"The SUV was smoking. There was a flash and we put two and two together" and an evacuation was ordered, he said.