The officers parked their car and were about to get out to approach a man and woman inside the vehicle when the SUV drove into the police car that was blocking its path.
The police car was rammed into a concrete pillar and received significant damage, making it undrivable.
The SUV then drove over a curb and garden bed to get onto Milton Road and sped off towards the city.
No one was injured during the incident.
Police believe the pair may be in their 40s.
The stolen vehicle is described as a white 2015 Renault SUV Koleos with a Victorian registration 1ES3RS and has front end and left side panel damage. Investigations were continuing.