Detective Senior Constable Wayne Ryan, of the Warrnambool police crime investigation unit, said the theft happened at about 6am on Wednesday.

He said the couple tried to enter the home by forcing open windows and then removed the bike and tools from a shed.

"They were seen leaving by several witnesses," he said.

"The woman is described as mid 40s with black or greying hair with her hair in buns at the rear and top of her head. 

"She was carrying a bag believed to contain the stolen goods. The man is described as being of average height and build wearing a long black sleeved shirt and black trousers."

Detective Senior Constable Ryan requested anyone with information about the woman and/or man to contact the Warranmbool police station or Crime Stoppers on 1800 333 000.

 There was also a break-in overnight Wednesday at Warrnambool Dahlsens building centre in White Rock Road.

Detective Senior Constable Peter-Jon Wellington said an alarm was triggered at 2.20am Thursday.

He said it appeared that nothing was taken.

A white possible HiLux ute was seen in the area at the time.