Three teenagers are in custody and one is on the run after a police pursuit took place overnight from Toorak to Noble Park.
Police spotted the vehicle, which was stolen, during an aggravated burglary last month, at Mathoura Avenue in Toorak about 2.40am.
The pursuit was stopped due to excessive speed.
The police air wing then took and watched the vehicle to Noble Park.
Stop sticks were deployed and that is when the four offenders fled the vehicle.
Three men aged 13, 15 and 16 were arrested.
Police have follow-up enquiries to make in relation to the fourth male that ran off.
Anyone with information about the incident or in relation to the fourth person involved is urged to call Crime Stoppers on 1800 333 000.