The grey Audi A1 was taken sometime last Thursday night from an estate in. St Peter Port.
The owner had parked it in a space at Mon Plaisir before it was taken sometime between 19:00 on the Thursday evening and 03:00 the following morning.
Guernsey Police said it was seen being driven around the Bridge area during the early hours of Friday 15 March. The car has since been found and arrests have been made.
Officers “would like to speak with anyone who has information relating to the taking of the vehicle and would also be interested in speaking with anyone who may have seen the vehicle being driven around the Bridge and Les Banques area of St Sampson, during the early hours of Friday 15 March 2019.
“The vehicle has since been recovered and a number of suspects located in the vehicle have been arrested,” said Guernsey Police.
Any witnesses should call the investigating Officer PC 50 Oliver Baxendale on 725111 or through Crime Stoppers anonymously on 0800 555 111.