"We are in the process of contacting the owners of the equipment and notifying other agencies, but the unit does not appear to have been tampered with, and at this stage we do not believe there is any safety risk."
The nuclear density meter, a Troxler model 3440, contains two small radioactive sources.
The amount of radioactive material is relatively small is encapsulated in stainless steel, however authorities were concerned that unauthorised removal of the material may have posed a health and safety concern.
The stolen ute has not yet been located.
Mr Keane said the unit would be fingerprinted and police were continuing enquiries to determine what happened to the ute and the equipment.
Police had spoken to the person who brought the item in to police, but had yet to establish what involvement, if any, that person had in the theft.