Hume Crime Investigation Unit detectives are investigating following a theft of four caravans in Somerton on 10 December, Victoria Police say.
Four caravans were stolen between 5.30am and 6am from a business on Fillo Drive.
It is believed three offenders attended the address and forced entry to the premises by cutting the locks on the gate.
The offenders have then allegedly used a Mazda Bravo utility with a metal tray and a white Mitsubishi Triton utility with a front nudge bar and driving lights, to ram the front gate to the property and steal the caravans one at a time.
Two of the caravans were located on Willandra Way in Epping on 10 December about 11.30am, however there are still two caravans yet to be recovered.
Investigators have released images of the incident, as well as images of mobile homes depicting the likeness of the outstanding caravans, in the hope that someone may be able to assist police in locating the offenders or remaining caravans.
Anyone with information about the theft is urged to contact Crime Stoppers.