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A man has been arrested and charged after a dramatic two-hour police chase on the Gold Coast yesterday.

Craig Alan Jones, 23, from Ashmore was charged with one count each of dangerous operation of a motor vehicle and unlawful use of a motor vehicle.

The man will remain in custody after he allegedly drove a yellow Porsche Boxter, believed to be stolen, at speed through suburban streets and along the M1.

Police were unwilling to continue the pursuit when it reached excessive speeds, calling the chase off three times.

Jones allegedly drove the Porsche the wrong way up a one-way street, narrowly missing a pedestrian and later crashing into a guard rail damaging the front driver's side wheel.

It is alleged he continued driving at high speeds despite the car catching on fire and the wheel eventually dislodging and hitting an oncoming car.

After crashing the vehicle Jones fled on foot before allegedly stealing a Nissan Navara.

He was captured by police after crashing the second vehicle near Reedy Creek.

It is believed the Porsche was stolen from a Mudgeeraba address last month and used in a number of break-ins.