Police are trying to locate an elderly man after he was involved in what they say was a "possible hit and run" in Dunedin.

Two teenagers led police on a chase after a member of the public reported witnessing an elderly man, aged in his 60s or 70s, being hit today about 3.30pm, on the corner of George St and St Andrews Street.

He was wearing what looked like a blue and black Swandri jacket.

The vehicle involved was a blue Nissan hatchback with white signwriting on the sides.

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The vehicle was followed by police into the Meridian Mall carpark and abandoned by the two teenage boys who had been inside. Police discovered the car had been stolen overnight.

One of the boys, aged 13, was soon after spotted by police conducting enquires in the area.

He has been spoken with by police and referred to youth aid.

The other boy, aged 15, who is known to police, is wanted for breach of bail.

Police said they want to identify and speak with the elderly man as well as any witnesses to the incident.

Anybody with information is asked to call Dunedin police on 03 471 4800 or Crimestoppers on 0800 555 111.