Detective Acting Sergeant Elissa Smith, of the Warrnambool police divisional response unit, said warrants were executed at two addresses early this morning, in Patterson Street and Raglan Parade in west Warrnambool.

"Two people were arrested, interviewed, charged and bailed to appear in the Warrnambool Magistrates Court on March 2 next year," she said.

"A 50-year-old man was processed and bailed on a charge of cultivating cannabis.

"A 42-year-old man was processed and bailed on charges of handling stolen goods and possessing prescription medication without a prescription."

Police officers found prescription medication Suboxone and jewellery believed to have been stolen during the raids.

Investigations are continuing in relation to who owns the jewellery.

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Then police members executed another two warrants - at properties in Warrnambool's Tait Crescent and Morriss Road.

A woman was arrested and is currently in custody assisting police with inquiries into trafficking cannabis.

The 46-year-old is expected to be charged but is yet to be formally interviewed by police.

A child is also in police custody in relation to possessing cannabis.

The child is expected to receive a police caution and be released from custody.

Police investigations will continue this afternoon.

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