It is alleged the teenagers, armed with a firearm and sword, robbed two men and stole their Nissan X-Trail at a boat ramp on Tom Collins Drive in Shepparton at about 10.25pm on Monday.
Police were called to the scene where they witnessed the stolen vehicle speed away in Welsford St from Tom Collins Drive.
Police allege the vehicle was travelling travelling at 100km/h when a pursuit was initiated.
The vehicle continued along Balaclava Rd before evading police.
Police confirmed the vehicle was later observed speeding along the Western Ring Rd and was followed to Corowa Ave in St Albans.
Local officers, including the dog squad, air wing and Critical Incident Response team officers cornered the offenders in Bond Ave, St Albans where the offenders were arrested just after midnight.
A 16-year-old Shepparton girl, 16-year-old St Albans boy, a 17-year-old Brookfield boy and an 18-year-old Sunbury boy remained in police custody yesterday.
Anyone who witnessed the vehicle in Shepparton or travelling to St Albans, or has relevant dash cam footage is urged to contact Crime Stoppers on 1800 333 000.
Alternatively a confidential report can be made via www.crimestoppers.com.auÂ
9°C