The woman, who requested to remain anonymous, initially believed the American Staffordshire Terrier named Loki might have managed the unlikely feat of escaping the yard.

But a more sinister possibility emerged, following reports two people had been spotted carrying a puppy matching Loki's description down the street.

Loki disappeared from the Jackson Street address sometime between 10.30am and about 1.30pm on Sunday.

When his owner last saw him, he was sleeping peacefully outside the house.

The woman said she went to check on Loki a couple of hours later, after noting he had been "awfully quiet." But he was nowhere to be seen.

"Somebody said they had seen two people carrying him about 12pm along my street," the woman said.

Video footage seemed to corroborate what she was told.

The woman said the footage she'd obtained showed a man and a woman carrying what was believed to be a puppy and a jerry can. The pair seemed to be walking towards Upper California Gully Road.

Loki's wellbeing was the woman's greatest concern. She was worried something terrible had happened to him.

"I just want him to be home and be fine," she said.

She said she had heard another American Staffy had been stolen on the same day.

The woman said she had reported Loki's apparent theft to Bendigo police and had called the City of Greater Bendigo find out whether a dog matching his description had been found.

She was also using social media to help bring her puppy safely home.

"I brought him for myself for my anxiety," the woman said.

"I really wanted him to grow up with my son. It's been really hard for us to comprehend he's been stolen."

Bendigo police have been contacted for comment.

Anyone with information about Loki or any other suspected pet thefts is urged to call the Bendigo Police Station on 5448 1300 or the non-urgent police assistance line on 131 444.