A 17-year-old Shepparton boy and a 16-year-old Yarrawonga boy were arrested in the early hours of Thursday morning following the alleged erratic driving incident on Wednesday night.
Shepparton police Detective Acting Sergeant Paul Shortis said police patrolling Wilmot Rd saw a speeding vehicle just before 11pm, which they attempted to stop.
"Police have attempted to intercept that vehicle and the vehicle is alleged to have conducted a U-turn and driven straight at the police," he said.
"Police have had to use evasive action to avoid the front-on collision."
Det Act Sgt Shortis said the vehicle, a green Mazda, then allegedly continued driving in a dangerous manner through town, disregarding traffic signals and travelling through a number of red lights.
He said police decided to end the pursuit because of the seriousness of the driving and the danger to the public.
Police believe the same vehicle evaded police a number of times earlier in the week.
"It is alleged that at around 11.20pm (that same night) the vehicle was involved in a petrol drive-off in Shepparton," Det Act Sgt Shortis said.
"Police further allege the occupants of that vehicle have attended a Toolamba address where they have committed an aggravated burglary and stolen a VW vehicle."
It is understood the owners of the home were inside at the time, however, were not confronted by the offenders.
Police later found the stolen vehicle dumped and severely damaged.
Det Act Sgt Shortis said just before 2am on Thursday police observed the original green Mazda back in the Shepparton area.
"Police have engaged in a pursuit with that vehicle through the streets of Shepparton," he said.
"The alleged offending vehicle was driving on the wrong side of the road and engaging in very dangerous driving."
Police stopped the vehicle in Wyndham St with three males, who were inside the vehicle at the time, fleeing the scene on foot.
Police located and arrested two teenagers that night, who were interviewed on Thursday and remanded by a bail justice to appear in a Children's Court today.
The 16-year-old Yarrawonga boy, who police allege was the driver of the vehicle, was charged with 22 offences.
The 17-year-old Shepparton boy, who police allege was a passenger, was charged with six offences.
Det Act Sgt Shortis confirmed police were continuing to investigate the incident, with police believing the teenagers committed other offences that same evening.
He said police believe there was up to five people involved in the offending, with attempts under way to locate the other offenders.
Anyone who witnessed the green Mazda driving erratically through Shepparton on Wednesday night is urged to contact the Shepparton Criminal Investigation Unit on 5820 5777.
Alternatively a confidential report can be made via Crime Stoppers on 1800 333 000 or at www.crimestoppers.com.au