Two men charged with stealing two vintage Ferraris - including one that once belonged to Dodi Fayed, the boyfriend of Princess Diana - are also accused of stealing five other vehicles the same day.

Matthew Ludwig, 31, and Bradley Abela, 29, both face a string of charges relating to a series of alleged thefts across Melbourne's south-eastern suburbs over a fortnight in November last year.

The 1973 Ferrari Daytona, thought to be worth between $1.5 million and $2 million. Credit:www.classicdriver.com

Police allege the two men stole seven cars in the early hours of November 6, including a 1973 Ferrari Daytona worth between $1.5 million and $2 million and a 1986 Ferrari 328 valued at $120,000.

The more expensive Ferrari, which was once owned by Mr Fayed and also owned by Pink Floyd singer Roger Waters, was found burnt out the following day in Langwarrin.