A Bobcat excavator was stolen from a building site in Crace sometime on Tuesday night.
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The 2009 Bobcat Skid Steer Loader S100 was found to be missing by its owner at 6.15am on Wednesday.
It is red and white in colour and was stolen sometime after 5.30pm on Tuesday.
A spokesperson for ACT Policing reminded the community to be vigilant around building sites.
"If they do see suspicious activity they should call police operations on 131 444," he said.
He also said anyone who saw anything suspicious in Crace on Tuesday night, or is a bobcat is seen matching the description, should contact Crime Stoppers on 1800 333 000.
Information can be provided anonymously.