Senior Sergeant Craig Dinnissen said a group of at least 30 students were on Heriot Row at 11pm on Thursday, some riding wheelie-bins down the street, both on top of and inside the bins.
The group were smashing bottles and had set a rubbish bag on fire, he said.
Alcohol was involved.
The actions of the students were "brainless", Snr Sgt Dinnissen said.
"Unfortunately this generation don't remember what happened years ago."
No-one was injured in the incident, but it was only a matter of time, he said.
"We're trying to educate them.
"Someone is going to end up with a serious injury."
The group were spoken to by police, and some of the students would be referred to the University of Otago proctor, he said.
In 2001, Ana Louise North, a 19-year-old physical education student at Otago University, died instantly when she and a friend crashed into a parked trailer while riding in a wheelie-bin down Baldwin St.
The ride left her male friend in Dunedin Hospital with serious head injuries.
