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The gun was inside an unmarked police vehicle which was stolen from a property at about 5.30am yesterday.
Police have confirmed the car was found dumped several suburbs away, however the firearm remains missing.
A Victoria Police spokesperson said a number of other items were stolen from the home, however no one was physically injured during the incident.
“Several items of police equipment were in the car when it was stolen, including a stored firearm,” the spokesperson said.
“This firearm is yet to be recovered and a significant investigation is underway to try and locate it.”
Police are investigating the exact circumstances surrounding the aggravated burglary and urge anyone with information to contact Crime Stoppers.