Officers said he was confronted by one of the residents who returned home before he fled the scene on foot.
Police received reports of a man in police uniform with a “possible firearm” on Warragul Road about 11pm, then on Castlebar Road shortly after.
Officers were later called to a licensed premises on Dandenong Road in Oakleigh, where they found the man allegedly in possession of police uniform items, including a belt with an imitation firearm in it.
The 46-year-old man of no fixed address was arrested at the scene.
He has been charged with a number of offences including impersonating a public service officer, burglary, theft and prohibited person possessing an imitation firearm,
The man will appear at Moorabbin Magistrates’ Court later today.