The BMW X7 had been used to ferry around the star, who has been in the city filming scenes for the seventh instalment in the Mission: Impossible series.
The vehicle was taken in Church Street in the city centre from where it was parked outside the Grand Hotel, where Cruise has been staying, as first reported in the Sun.
The SUV is thought to have been carrying some of the actor’s luggage and belongings, reportedly worth thousands of pounds, when it was taken.
The car was recovered “a short time later” in Smethwick, about three miles away, according to police, but the contents were reportedly missing.
The 59-year-old has been causing a stir in the Midlands all week, and has been seen wearing a dark suit and sunglasses in Birmingham’s Grand Central shopping centre, which had been transformed to look like an Abu Dhabi airport for filming.
Cruise could be seen recording scenes in front of a row of shops above New Street station’s main concourse, where crowds had gathered to catch a glimpse of the film star.
British Transport Police in Birmingham also tweeted a picture of two officers with the masked movie star, with the message: “I promise you, this isn’t Photoshopped.”
Cruise was pictured outside one of the city’s Indian restaurants last weekend. According to the restaurant Asha’s Instagram page, he enjoyed his chicken tikka masala so much that he ordered the curry for a second time after he had finished his first serving.
The actor also posed for photos with a family in the village of Baginton, in Warwickshire, after they gave his helicopter permission to land in their garden, after the temporary closure of nearby Coventry airport.
Filming on Mission: Impossible 7 has been taking place around the UK.
In April pictures emerged of a train track set up at a quarry in Derbyshire said to be attached to the film. Cruise has also filmed action scenes on top of a moving mock steam locomotive in North Yorkshire.
He is reprising his role as Ethan Hunt in the latest instalment of the blockbuster action film series.
A West Midlands police spokesperson said: “We received a report of a BMW X7 stolen from Church Street, Birmingham in the early hours of Tuesday morning (24 August).
“The car was recovered a short time later in Smethwick. CCTV inquiries have been made in the area that the car was recovered from. Inquiries are ongoing.”
