Trio arrested after Melbourne carjacking

Three thugs have been arrested after a brazen daylight carjacking in Melbourne's southeast before police found the vehicle less than an hour later.

A man armed with a knife allegedly approached a 68-year-old man as he got out of his parked vehicle in Frankston about 3pm on Friday, and stole the car.

The car was then seen being driven erratically in Frankston and Skye, before police tracked the vehicle to a property where they arrested a man, 26, and a woman, 25, at 3.50pm.

A third person, aged 40, at the premises was arrested for unrelated theft matters.

The younger man is due to face the Melbourne Magistrates Court on Saturday in relation to the aggravated carjacking, while the other will face court at a later date.