All five youths were taken into custody, with one due to appear in the Youth Court today.
The other four have been referred to Youth Aid.
A source told the Herald one of the vehicles had been travelling at speeds of up to 125km/h during the caper.
Two injured in wrong-way crash
The arrests came just before police and emergency services were called out to another motorway incident at St Mary's Bay.
A police spokeswoman said authorities responded to a serious crash involving three cars on the Northern Motorway at 3.26am.
"Police understand one of the vehicles was travelling in the wrong direction," the spokeswoman said.
Two people were taken to hospital in a serious condition, the spokeswoman confirmed.
A witness said the crash happened on the Fanshawe St on-ramp.