Three people have been arrested following a theft at Shag Point, near Palmerston, on Sunday morning.

At around 9.45am, Police received a report of a bus being broken into, along with at least a dozen wallets and bags stolen, many of which had passports inside, Senior Sergeant Anthony Bond said.

The total value of the property stolen has been estimated to be around $30,000.

CCTV footage from the bus assisted Dunedin Police in identifying two suspects from Christchurch, who had also allegedly failed to return a rented van.

With live GPS tracking, Timaru Police were able to locate the van and arrest the three occupants around 40 minutes after the theft was reported.

Two men aged 28 and 34, and a 26-year-old woman appeared in Timaru District Court on Monday, facing a range of charges including unlawfully taking a motor-vehicle, theft, and wilful damage.

They are due to reappear in Timaru District Court on May 21.