Toronto police have arrested two people and are looking for two others in connection with a series of break-and-enters that saw an estimated $3.5 million in valuables and vehicles stolen.

Police launched Project Seconds in January to investigate a series of break-ins at homes in Toronto and Mississauga, Ont., that were targeted for having high-end vehicles parked outside.

Police charged two suspects with possessing property obtained by crime on Wednesday.

Police are still looking for two other suspects who are wanted on multiple charges, including break and enter.

In the course of the six-month investigation, police recovered jewellery, watches and designer handbags valued at $200,000, $70,000 cash and nine vehicles worth $850,000.