Bendigo Police Senior Sergeant Brian Hansen said police had arrested a 14-year-old Bendigo male in relation to the crime.
"The male has been charged with three counts of theft of motor vehicle and one count of arson," he said.
"Further inquiries are being conducted to the offending."
Senior Sergeant Hansen said investigations are ongoing into the involvement of the second male.
Up to two offenders are on the run following an aggravated burglary in Ascot overnight on Monday.
About 10.30 pm on Monday, two offenders entered a home in Peake Court.
Bendigo Police Senior Sergeant Brian Hansen said they forced their way into the home and stole a small amount of property.
"They stole a handbag, purse, mobile phone and keys to two vehicles before stealing both of those vehicles," he said.
"The residents awoke to the sound of their dogs barking and on investigation, they found that their vehicles had been stolen and they rang triple zero."
Senior Sergeant Hansen said shortly after taking the vehicles, the offenders were spotted on the Calder Highway by police in the Gisborne area.
"Police attempted to intercept them and both drivers failed to stop and they were last seen travelling north towards Kyneton.
"The two vehicles involved were a Holden Storm Colorado Ute and a red Holden Trax."
Bendigo Police are appealing for local support and have asked if anyone had seen these vehicles or know their whereabouts contact Crime Stoppers.
Any witnesses or anyone with information is asked to call Bendigo police on 5448 1300 or Crime Stoppers on 1800 333 000. A confidential crime report can also be made at www.crimestoppersvic.com.au.
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