A $2 million, 1972 Daytona Ferrari has been found burnt-out in Melbourne's south-east, a day after it was stolen from a workshop.

The sports car, one of two Ferraris stolen in a Braeside ram raid, was found on fire at Langwarrin on Gum Hill Drive at 4:00am on Saturday.

Fire crews extinguished the blaze but the GTB/4 car was destroyed.

Police are still searching for a red, 1986 Ferrari with the number plate "FUN328", that was also stolen.

The vehicle is valued at more than $100,000.

The luxury cars were stolen from a workshop on Industrial Drive in Braeside at about 3:40am on Friday.

Police said the thieves rammed a roller door to get in.

Anyone with information is urged to contact police.