The Madera County Sheriff's Office says an alarm went off at Pedal Forward Bikes and Adventure just before 5 a.m. Sunday. The shop is on Highway 41 near Hartwell Road.
The Sheriff's Office says the alarm company reported two men with their faces covered stealing bicycles and loading them into a white van.
Deputies soon spotted the van, which led them on an 11-mile chase before driving over spike strips put out by a deputy.
The van then crashed into an embankment near the Madera Canal, south of Avenue 15.
All four suspects ran but were arrested.
The Sheriff's office says there were eight bicycles inside the van, valued at more than $20,000.
Every bike was returned to the shop.