Officers claim they spotted the car at Point Cook just before 12:30am and followed it for an hour before arresting the four teenagers inside.
Two of the boys, a 14-year-old from Carlton North and a 15-year-old from Richmond, were charged with theft of a motor vehicle.
The Richmond boy has already appeared in court and was remanded in custody.
A 14-year-old South Morang boy and a 17-year-old Keilor Downs boy were also charged with theft of a motor vehicle and will appear before a children’s court in August.
One of the boys was taken to hospital with minor injuries received during the arrest.
Two police cars received minor damage trying to stop the car, which was alleged to have been stolen during an aggravated burglary in Williams Landing early on Sunday morning.
Ritesh, who did not want his surname used, said he and members of his family feared for their lives when a group of men broke into his home.
He said the offenders were inside for 30 or 40 minutes before fleeing the scene in his car which was later stopped by police.
“I asked my wife to stay in the en suite door and don’t come out at all, no matter what happens because I was thinking they were going to kill me,” he said.
“The worst part is they were not wearing any gloves, weren’t wearing any masks or hoods, not covering their faces at all.
Victoria Police has created a special taskforce to investigate a recent spate of often violent carjackings and aggravated burglaries across Melbourne’s suburbs.