Police allege the 49-year-old man, who had his teenage son with him in the luxury German car, was detected driving at speeds of 213 km/h along a stretch of road with a speed limit of just 80k/h.
The alleged speeding driver was caught near Dumbalk on Meeniyan-Mirboo North Road, and police impounded the vehicle at the roadside stop.
Police suspended the driver’s licence on the spot.
He is expected to be charged on summons with dangerous driving offences.
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The car, a silver BMW in the brands’ high performance M-range, was impounded for 28 days.
Police said the driver’s 15-year-old son was a passenger in the vehicle.
The arrest was part of the police campaign against reckless driving over the holidays, an operation that concluded today.