Detective Senior Constable Wayne Ryan, of the Warrnambool police crime investigation unit, said the couple was arrested by highway patrol officers at 5.30pm Saturday in Warrnambool's Merri Street, opposite Flagstaff Hill Maritime Village.

The 27-year-old man and 31-year-old woman have been charged with eight offences, including aggravated home invasion.

The pair appeared separately in Warrnambool Magistrates Court on Monday.

The man did not apply for bail and was remanded in custody. He will appear in a Horsham Court on April 22.

The woman made a self-represented, unsuccessful bail application and was also remanded in custody until that same date.

She told the court she suffered mental health issues and had met the co-accused, her fiance, at a mental health unit in Melbourne's north.

Police allege that at 6.10am Saturday the couple attended at an address in Horsham with another unknown person.

They approached the front door of the home, while the man was armed with a 70cm metal pole and the woman a 25cm knife.

They knocked before kicking in the front door and approaching the four victims who were in their loungeroom.

The offenders yelled and threatened the occupants, demanding they hand over their mobile phones, which they did.

Keys were also demanded to a lime green Holden Commodore sedan but the occupants had to be taken outside to assist in starting the car.

Four car wheels were also stolen, valued at $1000, from a rear shed as well as a computer hard drive, a driver's licence, debit card and a Centrelink card.

When a resident asked for the SIM card to his mobile phone, he was bashed to a leg with the metal pole, causing bleeding and bruising.

The couple left after about 20 minutes but threatened to return if the occupants made a report to police.

A police lookout alert was raised in relation to the stolen lime green Holden Commodore sedan, prompting the interception and arrest in Warrnambool, during which the couple are alleged to have given false names and addresses.

Detective Senior Constable Ryan said police wanted information from the public about a silver Mitsubishi Lancer with registration plates UFV-506.

"That vehicle is still be sought by police in relation to the circumstances surrounding the aggravated home invasion," he said.

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