Constable Ben Rutherford said one stolen unit was recovered after a search warrant was executed at an address in Yaldhurst.
"The unit was stolen from a commercial premise in Lincoln. We are following up some leads in regards to who may be responsible,” Rutherford said.
It comes as the Selwyn district experiences a spike in thefts of the units, particularly in Lincoln and Prebbleton.
Thieves have been stealing gas hot water systems from the exterior of homes and businesses, which has in some cases resulted in dangerous gas leaks.
"Timings tend to be during the hours of darkness and some victims have been targeted while they have been at home," Rutherford said earlier this month.
The units cost about $1800 to buy and install.
It is believed the thieves are using the units at other dwellings, rather than breaking them down and selling the parts for scrap.
"The hot water units are able to be reinstalled easily so can be sold second-hand quickly,” Rutherford said.
