A Victoria Police spokesman said the air wing noticed the alleged stolen 2017 white Holden Colorado utility parked in Melbourne's south-west last Wednesday.

Detectives from the Hobsons Bay police criminal investigation unit attended and located a 39-year-old Altona man in possession of the vehicle.

The Standard last week reported an offender allegedly gained entry to a ground floor apartment on Warrnambool's Pertobe Road sometime between 4am and 4.30am Tuesday.

Police allege the offender stole a wallet and keys to the victims car before fleeing in the victim's utility.

The victim, a 61-year-old man, was asleep at the time of the incident.

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Detective Senior Constable Wayne Ryan, of the Warrnambool police crime, said a search of the stolen Colorado located identity documents belonging to the victim.

He said the 39-year-old was arrested and charged in relation to the alleged aggravated burglary.

He said the man was already on bail for numerous offences.

The man was remanded in custody and will appear in court at a later date.

The vehicle, which was leased from a car hire company, was not damaged.

Anyone with information is urged to contact Warrnambool police or Crime Stoppers.

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