Emergency services were summoned to a shop on Burwood Road in Burwood around 5 am on June 13 and arrived to discover the salon in flames.
Residents residing in a unit block above the shop were evacuated while firefighters worked to put out the fire.
No injuries were reported, but the salon sustained damage.
Police were called to the same location twice more on July 2 and July 5 following reports several men were seen attempting to break in.
CCTV footage of men seen in the vicinity of the shop has been released as part of the investigation.
The first man is described as being of a medium build and was seen wearing an orange high-vis jumper and dark-coloured pants with high-vis stripes.
Footage shows him appearing to shake off flames from his pants as he fled the scene.
The second man is described as having a thin build and was seen wearing a dark hoodie with white stripes and black pants.
The two men are believed to have left the scene along Nicholl Lane following the fire.
Anyone with information is urged to contact police or Crime Stoppers on 1800 333 000.
