Police believe three suspects used stolen mail such as driver's licences, wills and immigration documents to commit fraud against about 200 people across the Metro Vancouver region.
RCMP say the investigation began with a complaint about the suspicious purchase of iPhones at a Burnaby computer store by a person who then rented a vehicle using another identity.
Police say they ultimately seized about 200 pieces of identification at a home in Squamish.
Thirty-three-year-old Shawn Lundrigan and 22-year-old Kimberly McSweeney have been arrested and are facing multiple counts of fraud and identity theft, while 38-year-old Paul Hebert is wanted for the same charges but remains at large.
Mounties believe the mail was stolen from homes and mailboxes in Burnaby, Richmond, New Westminster, Langley and Squamish.
Police are warning the public to be vigilant about checking credit card histories and bank statements.