A teenager has been arrested over a string of luxury car thefts, including mining magnate Nathan Tinkler's $500,000 Ferrari California.

A NSW Police spokeswoman said officers arrested a 17-year-old boy in the Newcastle suburb of Merewether about 3am today and he will be questioned over several car thefts in the area.

It is understood this includes Mr Tinkler's black Ferrari California, which was stolen from the garage of his beachside property during the night of June 25.

The car was found torched in bushland off the Pacific Highway at Raymond Terrace, 25 kilometres from Mr Tinkler's home, one day later.

The car was stolen, along with laptops, watches and a camera, while the Mr Tinkler, his wife and two children were asleep.