The plates belonged to another vehicle that had been reported stolen from a Hamilton property on Saturday.
The police helicopter followed the car south to Hamilton where it was eventually dumped "in the Victoria St area" around 10.50am.
Police searched for the occupants, with help from the Eagle helicopter, and found two about 11.25am.
"[They] are currently being spoken to. Inquiries continue to locate the third person."
Police thanked the public for their co-operation during the search, and confirmed there was no ongoing risk.
One social media post claimed the vehicle was travelling at about 150km/h out of Meremere. It also claimed the vehicle avoided spikes laid at Taupiri.
Police wouldn't confirm the car's speeds.