Officers spotted the BMW sedan in Boronia about 10.25pm on Tuesday and assisted by the air wing tracked the vehicle as it drove erratically and dangerously through the Australian city's CBD and eastern suburbs.
Police said the car was seen travelling at more than 190km/h on the East Link and posed a significant risk to the public.
Officers brought the BMW to a stop by ramming it on Wellington Parade in East Melbourne about 11.20pm to prevent further serious risk to the community.
Five boys were arrested and taken into custody and are assisting police with inquiries.
One of the boys sustained minor injuries.
"It's alleged the males armed with machetes committed numerous armed robberies and cigarette burglaries across the southern and eastern suburbs of Melbourne yesterday afternoon and Monday night," police said in a statement today.
