An inexpensive and easily replaceable caster wheel assembly is provided for use with a cart, dolly or other similar product. The caster wheel assembly includes a mounting flange, a bearing assembly comprising inner and outer bearing races disposed within an opening of the mounting flange, a yoke having a rotatable wheel, and a retention member for releasably securing the yoke to the bearing assembly. In one embodiment, the inner race of the bearing assembly has a depending extension and a snap ring secures the extension in operative relation to the yoke. In an alternative embodiment, the yoke has an upstanding connecting element and a set screw releasably secures the connecting element in operative relation to the inner bearing race.