The three 15-year-old boys, who allegedly stole a Toyota Levin from Timaru on Monday night, were spotted by Middlemarch constable Helen Fincham-Putter on State Highway 87 between Hyde and Middlemarch at 2.15pm.
Const Fincham-Putter activated the patrol car's lights and siren, but the trio continued a further 18km before eventually pulling over.
However, when she approached the vehicle, the teenagers allegedly took off at high speed.
The car was later found locked, near a farmhouse.
The teenagers had decamped on foot along the Otago Central Rail Trail, near Hyde.
Police from Alexandra, Hampden and Mosgiel and two dog patrols from Dunedin were called, and a helicopter from Helicopters Otago was brought in to assist with the search along the trail.
Const Fincham-Putter said as some of the patrols left to refuel, one of the youths appeared and was taken into custody shortly after 6.30pm.
The other teenagers were believed to have fled in the direction of the Rock and Pillar Range, and a Dunedin Search and Rescue team was placed on stand-by.
With snow on the hills and the temperature plummeting, fears were held for the safety of the teenagers, who were lightly clad.
However, as police pulled away from the area to meet SAR volunteers, the pair were spotted and taken into custody, shortly after 9pm.
The teenagers were brought to Dunedin last night and will be referred to Youth Aid.
