However, police suspected it was in the Rotorua area after more than 200 dental records from the caravan were found burning at a roadside rest area on Tuesday night.
Senior Sergeant Ed Van Den Broek said that after receiving information from the public, police searched the Western Heights and Selwyn areas and found the caravan.
He said the caravan's exterior appeared to be in good condition.
However, items from inside, including two dental chairs, had been removed. Mr Van Den Broek said he wouldn't be sure what else was stolen until health board officials completed their check.
The caravan was taken to a secure storage area late yesterday afternoon.
It is to be examined by a forensic team today for DNA and fingerprints.
No charges have yet been laid in relation to the theft. However, three occupants of the Tania Cres house have been talking to police.
Health board spokeswoman Mary Anne Gill said it was pleasing to hear the caravan had been found, but it was disappointing the dental records were destroyed.
"The records are irreplaceable.
"We'll see what we can salvage from the caravan but it's early days.
"We won't know what position we'll be in until we have a look inside," she said.
The caravan, commissioned in 1999, is one of three towable clinics operated by the health board.
It is part of a wider fleet of six mobile dental clinics treating children at 84 schools around the Waikato, Coromandel and Hauraki Plains regions.
A contract with Lakes District Health Board means those mobile clinics also visit schools in Rotorua's outlying areas when required.
Ms Gill said the stolen caravan had been scheduled to be in the Coromandel this week.
While it remains out of action, the health board plans to hire another caravan with a single dental chair so school students don't miss out on urgent treatment.
* Call police on 0800 TIPOFF if you can help solve this crime.
