Frankston Crime Investigation Unit detectives are investigating the theft of a valuable foal from a racing stable in Carrum Downs on Monday, Victoria Police say.
The incident occurred on McCormick Road when the six week old foal named Holly was discovered missing from the property.
The foal was in a paddock with a brood mare and was receiving veterinary treatment which required the foal to wear splint boots.
Investigators found the splint boots in the paddock and believe the foal was carried to a waiting vehicle.
Anyone with information is urged is urged to call Crime Stoppers.