Detectives have charged two waterlogged people discovered in a farm dam on Thursday morning after allegedly dumping a stolen car in Macedon for multiple offences.

Police coaxed a man and a woman from the water they were hiding in and arrested them both without incident.

The 34-year-old man - of no fixed address - was charged with theft of a motor vehicle, theft from a motor vehicle, evading police and other related charges.

He appeared in Broadmeadows Magistrates' Court on Thursday.

The 25-year-old woman - also of no fixed address - was also charged with theft of a motor vehicle and theft from a motor vehicle.

She has been bailed to appear in Broadmeadows Magistrates' Court on November 7.

EARLIER

Macedon police have released footage of Thursday morning's pursuit of the two alleged car thieves.

TWO people have been arrested hiding in a farm dam after being chased by police down the Calder Freeway on Thursday morning.

Detectives noticed the pair driving a stolen brand-new black Triton utility through Pascoe Vale in Melbourne at 12.50am.

A check of the NSW registration plates indicated they were stolen.

Officers unsuccessfully tried to intercept the ute in Pascoe Vale, however it sped off driving in an erratic manner.

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With the assistance of Airwing, police followed the ute down the Calder Freeway, into Sunbury before coming to a stop in Macedon where the pair dumped the vehicle into scrubland.

The pair then ran from the vehicle as police, dog squad and Airwing closed in on the scene.

A short time later, police dog Ted led officers to a farm dam where the couple were found half submerged trying to get away.

The 25-year-old woman and 34-year-old man, both of no fixed address, are currently assisting police with their enquiries.

It is expected the pair will be interviewed in relation to theft of motor car and dangerous driving while being pursued by police.

Detectives believe the Triton was stolen from an Echuca car yard last week.

The man was also wanted on warrants in relation to a number of matters including dangerous driving while being pursued by police and aggravated burglary.

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