EMERGENCY services were called to the Waranga Channel on Middle Rd, Rushworth yesterday to discover an Isuzu utility dumped in the water.
Echuca police and paramedics responded at about 5.30am.
No one was reported injured.
Victoria Police Search and Rescue Squad and a crane were required to retrieve the vehicle from the channel, which caused a significant delay.
Police confirmed the vehicle was later reported stolen by its owner, a Murchison resident, who woke up to find the Izuzu - worth roughly $60,000 - gone from his driveway.
Campaspe CIU are currently investigating.