In a statement tonight, police said they are investigating whether those arrested, aged between 13 and 15, have links to several serious incidents in Christchurch over the past week.
Canterbury Metro Commander Superintendent Lane Todd said officers were first alerted to four balaclava-clad men in Upper Riccarton, leaving a vehicle on Field Terrace before getting into a second car about 1.30pm.
About half an hour later, police were informed of another stolen vehicle being driven around the Riccarton area.
"Police received a number of 111 calls in relation to the manner of driving, with the reports of excessive speed and a vehicle driving the wrong side of the road.
"A significant response was launched, involving specialist police units," Supt Todd said.
"A helicopter was also used by officers to search for and monitor the vehicle, tracking it from the city to Kaiapoi and through North Canterbury before it headed back towards Christchurch.
"Due to the dangerous manner of driving, police did not pursue the vehicle, but kept tracking it from the air."
As the vehicle approached Tunnel Rd, a red light at the Lyttleton Tunnel stopped traffic, forcing the vehicle - by now on the wrong side of the road again - to do a U-turn, he said.
The offending car then collided with another, just before 4pm.
Police took four teenaged boys into custody at the scene and a fifth was arrested at New Brighton property.
Supt Todd said though no serious injuries were reported, "it is only luck that meant nobody was injured as a result of today’s events".
"The driving behaviour was incredibly concerning and could so easily have resulted in someone being killed.
"We sincerely thank everyone who called 111 today - from reporting suspicious activity to concerning driving behaviour.
"The information provided by the public helped us locate the suspects and prevent further harm to our community."
Tunnel Rd was closed between Port Hills Rd and Bridle Path Rd.
Inquiries into the incident, and earlier incidents, are continuing.
