Eight Speckle Park calves have been returned to a dairy farm on Blamey Rd, Yarroweyah.
A Colac woman, 53, and a boy, 17, were arrested in relation to the theft after a month-long investigation into theft of livestock from northern Victoria.
The calves — a heifer and seven bulls — were stolen on June 8.
Members from Eastern Region Crime Team, with help from regional detectives, executed warrants in Colac and Werneth.
Sheep stolen from saleyards in Shepparton on May 19 have not been recovered.
The woman and boy are helping police with inquiries.