Detectives from the Western Region Crime Squad and Ballarat Crime Investigation Unit raided homes at Daylesford and Bald Hills, north of Ballarat, on Wednesday and Thursday, seizing a number of firearms.
They also recovered an allegedly stolen Toyota Landcruiser, ammunition and what appears to be an amount of methylamphetamine.
Three of the suspects were arrested following a vehicle collision in Ballarat on Wednesday morning, a short time after police executed the first search warrant.
Two men aged 23 and 24 , both from Bald Hills near Ballarat, are facing vehicle theft and firearms charges.
A 27-year-old, also from Bald Hills, is facing similar counts as well as charges related to drugs and stolen goods.
A 22-year-old woman from Winter Valley is charged with a range of theft offences, while a 24-year-old Canadian man faces counts including burglary, theft, theft of firearm, theft of motor vehicle and other offences
All five were remanded in custody.
A 16-year-old girl and a 27-year-old man from Mount Pleasant, a 17-year-old boy from Ballarat and a 22-year-old Bald Hills man have been released pending further inquiries.
The charges all relate to break-ins between 1 and 26 July at Cressy, Inverleigh, Streatham, Lake Bolac, Chepstowe, Blowhard, Bald Hills, Creswick, Clarendon, Soldiers Hill, Niners Rest, Mount Prospect, Cape Clear, Pitfield, Smythesdale, Daylesford, Ballarat, Wendouree and Meredith.