Stonnington Crime Investigation Unit detectives arrested a man and seized a Ford Mustang allegedly stolen from South Yarra on 28 February.
A 1965 red Ford Mustang with white racing stripes was allegedly stolen from Dobson Street about 2.30am.
Detectives executed a warrant at a residential property in Mickleham this morning and seized the Mustang worth $80,000.
A 55-year-old Mickleham man was arrested today and released pending further enquiries.
The investigation remains ongoing.
Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppervic.com.au