A rare collectable convertible has been found during a police raid on a central Victorian property that also uncovered a 3D-printed handgun and silencer.

The red Shelby Cobra Roadster, valued at $120,000, was allegedly stolen from a rural property in Pentland Hills, near Baccus Marsh, on Wednesday.

It was discovered later that day, after police raided a property in Campbelltown, 40 minutes north of Ballarat.

Authorities said they found 11 other allegedly stolen cars while executing a warrant at the property.

A boat, motorbike and bobcat were also found, along with cash, a loaded sawn-off shotgun and a suspected 3D-printed handgun and silencer.

Officers seized quantities of what was believed to be methylamphetamine and GHB.

A 55-year-old Campbelltown man was arrested and charged with

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