Detectives from Taskforce Lunar are investigating the circumstances surrounding two suspicious fires overnight.
The first incident occurred around 1.50am when emergency services were called to a multi-purpose function and dining space on Matisi Street in Thornbury following reports of a fire.
Police are investigating whether a burnt-out car found dumped in Mason Street in Reservoir is linked to the incident.
Emergency services were called to a second fire at a reception centre on Settlement Road in Thomastown shortly after 6am.
Nobody was physically harmed during either incident, but both businesses sustained significant damage.
At this stage investigators are treating the fires as linked and believe both attacks were potentially targeted at events scheduled to be held at the venues.
Crime scenes have been established and an arson chemist will attend the scenes this morning.
Investigators are appealing for anyone who may have seen anyone acting suspiciously in the area or with information to come forward.
Anyone who witnessed the incident or with dashcam footage is urged to contact Crime Stoppers on 1800 333 000 or www.crimestoppersvic.com.au.
