Police were first called to a property in Sanctuary Lakes after a resident reported their Audi had been allegedly stolen and home broken into about 3.25am.
The early-morning pursuit began after the police Air Wing spotted the stolen Audi and another stolen Kia driving in convoy on the Princes Highway.
Officers used tyre deflation devices on both vehicles, successfully stopping the stolen Kia near Duncans Road in Port Cook.
The offenders then jumped into the Audi, allegedly speeding off towards the city, before they attempted to dump the car near Burke Road in Camberwell.
Police arrested four young men at the scene, and they are currently assisting officers with their enquires.
