Sergeant Tracy Haggart, of Queenstown, said two offenders used the vehicle to enter the Super Liquor Remarkables Park store, at the corner of Hawthorne Dr and Tex Smith Lane, about 2am.
The pair then drove to Kelvin Peninsula, where police found the vehicle submerged in Lake Wakatipu about half an hour later.
The store is one of five Super Liquor outlets owned by The Gate Ltd in Otago and Invercargill.
Chief executive Glen Christiansen, of Cromwell, said the offenders tried unsuccessfully to smash their way in with hammers before reversing the vehicle through the store’s glass sliding entrance doors.
Most of the products stolen were RTDs.
The alarm was triggered as soon as the offenders began hitting the door, which prompted the store’s manager to go and investigate before calling police.
Mr Christiansen said he thought the burglary was "opportunistic".
"My understanding is the police are aware of who it could be, and they’re following some strong leads."
A rapid repair job meant the store opened for business as usual about 9am.
Staff were in "good spirits", but support was available for them if needed, Mr Christiansen said.
It was the first break-in since the store opened over a decade ago, but he would have bollards installed in front of the entrance to prevent it happening again, he said.
Sgt Haggart said police were working with Coastguard Queenstown and the Queenstown Lakes District Council to retrieve the vehicle.
They wanted to hear from anyone with CCTV or dashcam footage, between 2am and 2.40am, around Remarkables Park and Kelvin Peninsula, or from anyone who had information about the incident.
— Contact police online, or call 105, using reference number P064408540.
