UPDATE: 3:05 p.m.

Police collared a suspected boat thief after a dramatic chase from a downtown Kelowna marina on Tuesday.

Just before noon, police flooded the Kelowna Downtown Marina after reports a man hopped on a boat and took off at high speed.

"I saw the man start it, and (he) was crashing into boats on his way out," a witness said. "Three police took off in chase after him, and they caught him (near) Bear Creek Park."

The owner of the Cruisers Yachts 340 Express was in shock when the marina called and alerted him to the incident.

"I have no idea who he was and I did not give him permission to take this boat out," said owner Steve Thorne. "The crew that works for Downtown Marina were quick to act. I can't thank them enough. They were excellent."

It's unclear how much damage was done to the boat, which is worth an estimated $200,000. 

Police have one man in custody, awaiting potential charges. 

Thorne says the incident won't stop him mooring at the marina.

ORIGINAL: 12:50 p.m.

A high-speed chase is in progress on Okanagan Lake.

A boat was apparently stolen from the Downtown Marina in Kelowna around midday. The owner and police were called.

The owner contacted Castanet to say police are currently chasing the stolen boat north towards Vernon.

"I don't know if (RCMP) have enough speed to catch them," the owner told Castanet.

The boat had been moored at the marina for a couple of weeks.

It's a white 34-foot Cruisers Yachts cabin cruiser with silver trim.

According to one witness who saw the chase, there are four boats and a jet ski involved in the chase. A plane is also circling overhead.