Two men have been arrested after more than $1.25 million worth of jewellery was allegedly stolen from a home in central Victoria.

An Eildon resident came home about 8.30pm on December 17 to find burglars had come in through a side door and the jewellery, including gold and diamonds, was missing.

The offenders made off with the haul some time between 5.30pm and 8.30pm, police said.

Detectives from the Alexandra crime investigation unit along with local officers, members of the Shepparton and Mitchell units, the Eastern Region Crime Squad and the dog squad executed five search warrants between Eildon and nearby Thornton.

They seized a gun and cannabis about 6.30am on Friday.

Officers arrested a 26-year-old Thornton man, who was being interviewed.

A 32-year-old Eildon man was also arrested and then released pending further inquiries.

Police were on Friday yet to find the jewellery.

They urged anyone with information to contact Crime Stoppers.