UPDATE 8pm: POLICE have recovered a second allegedly stolen vehicle in the suburbs of Bendigo.
A black Holden Senator sedan was found at a Huntly address this afternoon.
Police believe the matter is related to the black Holden HSV R8 found at Golden Square this morning.
Bendigo Acting Senior Sergeant Tony Kekich said five people arrested in relation to the first vehicle were assisting police with their inquiries about the subsequent discovery.
The investigation is ongoing.
Police have urged anyone with information about either vehicle to contact Crime Stoppers on 1800 333 000 or to make a confidential report online at www.crimestoppersvic.com.au.
UPDATE 1.50pm: A FIFTH person has been arrested in a police operation at Golden Square.
Police persuaded the man to climb down from the roof space, in which he had been hiding.
Bendigo Acting Senior Sergeant Tony Kekich said it was a peaceful arrest and no force was used.
"He decided to come down of his own volition," he said.
All five people were arrested in relation to a vehicle believed to have been stolen a few days earlier.
The vehicle was recovered from the Kirby Street address earlier on Wednesday morning.
Police investigations into the matter are ongoing.
EARLIER: FOUR people have been arrested and police are investigating the possibility of a fifth suspect following the alleged theft of a motor vehicle.
Police recovered a black Holden HSV R8 on Wednesday morning, which was believed to have been stolen a couple of days ago.
The subsequent arrests were made at a Kirby Street address in Golden Square.
Police remain at the scene.
Anyone with information about the vehicle is urged to call Crime Stoppers on 1800 333 000.