Victorian police ID badges and other missing equipment, including handcuffs and bullet-proof vests, could have ended up with organised crime gangs.
The missing gear, either lost or stolen, includes military and radio equipment, body armour, breathalysers and police uniforms, Fairfax newspapers report.
There are no reports of stolen guns but Freedom of Information documents indicate the missing items, worth $420,000, comprise 317 police badges, seven bullet-proof vests, 62 pairs of handcuffs, 16 batons and 64 breathalysers.
Three men allegedly impersonating police were arrested last year after an attempted robbery in Kensington, but it is not known whether they were carrying genuine police gear.
Opposition police spokesman Andrew McIntosh described the loss as extraordinary and outrageous and posed a threat to the public.
"The question is, have any of these items turned up during acts of crime?" he said. "Police badges and body armour are a real concern and would be worth big dollars in the crime world."
Victoria Police spokeswoman Bec Fraser said the force had "a large recovery rate" of stolen items, especially ID badges.
She said the amount of missing gear was "very low, considering the nature of policing and the amount of operational equipment currently utilised by Victoria Police".