A bar had its windows smashed and was set alight in Melbourne’s CBD. (ABC News: Patrick Rocca)

Three men have been arrested after an alleged arson attack and a police foot-chase through Melbourne’s CBD early on Saturday morning.

Melbourne City Council staff said they spotted a suspicious vehicle on safety cameras near the corner of Flinders and ACDC lanes.

Shortly after 5am, the staff informed police, who arrived on the scene to find a bar on ACDC alight.

Two of the alleged offenders were chased down by police and arrested.

A third person was arrested in a nearby laneway a short time later.

The trio are in custody and will be interviewed today.

The incident is the latest in a series of arson attacks targeting hospitality venues around the city in recent weeks.

Earlier this month, seven licensed venues were targeted in South Yarra, Southbank and the CBD in the space of a week.

Police say the attacks have been orchestrated by criminals paying young people anywhere from a few hundred to one thousand dollars to commit the attacks.

But investigators say there are yet to identify a motive behind the attacks, with no reports of extortion or threats made to the targeted venues.

Police are urging anyone who witnessed suspicious behaviour, or has CCTV or dashcam footage or information, to contact Crime Stoppers.