Police are calling for the public to approach them with any information regarding an incident in Lyttleton Terrace at about 6.30am Saturday morning.
Detective Senior Constable Jason Smith said each toilet roll in the men's and disabled toilets were set alight between 6.25 and 6.40am.
The damage in the Lyttleton Terrace public toilets was discovered by a passerby at 6.45am.
Detective Senior constable Smith said two males were seen in the area at the time of the incident.
He said the situation had the capability to be much worse than it was.
"It was extinguished before causing substantial damage," he said.
"There is just minor scorching to the walls."
He said the CCTV footage was being reviewed but public assistance was required.
Anyone with more information should contact Bendigo Crime Investigation Unit on 5448 1370 or CrimeStoppers.