RCMP Const. Gary O'Brien says the thieves were able to find a large number of wallets left in vehicles from Nanaimo to Victoria.
Thirty-eight-year-old Gary Peake and 24-year-old Chelsea Denis-Reid are now behind bars and charges against them range from possession of stolen property to personation and fraud.
O'Brien says the pair allegedly used identification from the stolen wallets to open false bank accounts in the victims' names and order cheques, which they are accused of forging before depositing in ATMs and withdrawing the money.
He says victims have told police their financial credit has been ruined and they fear they may never recoup their losses.
Peake and Denis-Reid have been remanded in custody until Monday.
Also on HuffPost