A man who heard a "massive crash" as thieves smashed open a glass display cabinet at a Wangaratta jewellery shop chased after the offenders when he realised what had happened.
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The men had just targeted the business when Tim Holt and others gave chase.
Mr Holt heard the sound of glass breaking about 1.10pm and realised it wasn't the tradesmen working outside the shopping centre.
One of the tradesmen shouted out to the wanted man and filmed as he fled.
Mr Holt tried to stop one of the thieves before spotting a man in an orange fluro vest.
He thought the man in high-vis was giving chase and trying to tackle the offender, before realising he was one of the thieves.
"The guy in front of me, right in front, started running up a ramp when I realised he was part of it as well," Mr Holt said.
"They basically did a midday robbery in Wangaratta, which is unheard of."
The pair went to a black Volkswagen Touareg at the nearby multi-level car park and fled the scene.
Mr Holt said there had been confusion about what had just happened.
"It was puzzling trying to work out what was going on," he said.
"On top of that, there was a bit of adrenaline, thinking 'OK, someone's just committed a crime here in plain sight, how can I stop these guys getting away?'."
Mr Holt said it appeared the pair "came out of nowhere".
He said a large number of police arrived at the scene.
He looked around the area and saw there were many video cameras at the site.
His partner, Emma, was shocked by what had occurred.
"We just saw someone come bolting out of Prouds running for the door," she said.
"I had a panic attack afterwards.
"It freaked me out."
Police have identified two suspects they believe are responsible for the brazen theft.
Despite reports the pair were wearing balaclavas, police on Friday confirmed they did not have their faces covered.
The Caucasian pair used hammers to smash a counter and take a small amount of jewellery as stunned shoppers and Co Store shopping centre attendees watched on.
They targeted relatively inexpensive items in the display cabinets.
Police said there hadn't been any threats made during the ordeal.
They fled to a vehicle, described as a black 2006 or 2007 model Volkswagen Touareg.
The pair was last seen fleeing in the vehicle on Faithfull Street.
Detectives have reviewed security camera footage from the February 1 incident, which occurred about 1.10pm.
Officers believe they have identified two men who can "assist with inquiries" into the brazen armed theft.
Officers are seeking information about the last location of the black Volkswagen as it was driven out of town.
No arrests have been made.
Anyone with information can call the Wangaratta station on (03) 5723 0888 or Crime Stoppers on 1800 333 000.