A stash of weapons, including knives, was uncovered in the boot of a stolen car.
The drama unfolded when a grey Ford Sierra Cosworth was taken from Waldegrave in Basildon on Wednesday.
The Q-plate car - which had been specially built - is believed to have then left the scene of an accident after colliding with a bus in Long Riding.
Police officers at the crash later recognised the car again while patrolling in Luncies Road, Basildon, at about 6.55pm yesterday.
The driver failed to stop when police flagged the vehicle down and was seen making off towards Timberlog Lane.
Seven police cars and a helicopter were involved in the chase as the Cosworth made off towards Ashlyns in Pitsea.
The last sighting was in nearby Brundish. Two men were seen running away from the car.
The driver was about 6ft 1in tall and slim. He was wearing a dark T-shirt with a Heavy Metal emblem on the front.
The second man was wearing shorts and had a bare chest.
When police examined the car they discovered the weapons. There was also a small amount of herbal cannabis.
The search for the men continued but no-one was found.
Sgt Basil Thornton, from Basildon police, said: "We would be interested to hear from any witnesses to this high-speed chase.
"One member of the public at the scene pointed out where the car ended up so it might be useful for them to get in touch with us in case they saw anything else."
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