Emergency services were called to Stewart's Bridge Rd after campers came across the blaze about 11am on Sunday.
“The fire was still well alight,” Detective Sergeant Barry Gray of Campaspe criminal investigation unit said.
“The CFA extinguished the fire but the car was destroyed.”
The newer model Ford Falcon was stolen from Francis St in Echuca last Wednesday.
“The owners have been notified,” Det. Sgt Gray said.
He said any fire at this time of year was a concern.
“Especially with what's going on around the country,” he said.
“It puts a lot of people in danger.”
Det. Sgt Gray said although setting a car on fire could often destroy evidence, it didn't limit police's ability to catch the arsonists.
“Sometimes it makes our job easier,” he said.
Anyone with information about the car theft or fire can contact Echuca police on 5483 1500 or Crime Stoppers on 1800 333 000.