Police allegedly uncovered a large stash of ice in a stolen yellow Mustang after it led officers on a wild chase around Ballarat on Wednesday morning.
Patrol cars were first called following reports the Mustang and a white BMW SUV were driving erratically on the Western Freeway at Leigh Creek about 8am.
Officers activated their lights and sirens before the two wanted vehicles split up, with the BMW heading towards Beaufort and the Mustang driving towards Melbourne at speeds allegedly upwards of 200km/h.
A police helicopter began tracking the Mustang before it crashed into a fence and was ditched on Mallow Street in Melton.
Police on foot pounced and arrested two men and a woman before allegedly finding ice inside the vehicle, which had been stolen in Essendon.
They will be charged with trafficking a commercial quantity of methamphetamine along with serious driving offences.
The BMW is yet to be located.