Police are investigating an incident where a vehicle was stolen overnight at Mowbray.

About 6:30pm the owner of a blue Nissan x-trail was stationary on Invermay Road near Foch Street. At this time, it is alleged a man has approached the vehicle, threatened the owner whilst in possession of a knife and a firearm and demanded the vehicle.

The owner has exited the vehicle and the man has driven off along Invermay Road. The stolen vehicle was later located alight at the Waverley Lake.

The suspect is described as having green eyes, 172cm tall, large build, with brown curly hair and an unkempt beard.

The owner of the vehicle did not sustain any physical injuries during the incident.

Police believe it was an isolated and targeted incident.

Anyone who witnessed the Blue Nissan x-trail or has any information in relation to the incident is asked to contact Launceston CIB on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au