Large crowds began gathering on Chapel Street in Melbourne's inner east from 7pm on Saturday, prompting a significant police presence.
The event is believed to have been organised through a public Facebook group, where more than 5000 people had expressed interest in attending.
A hospitality worker on shift at the time told AAP hundreds of people had packed into the streets.
Inspector Georgie Swinton confirmed an operation to address the event was put into action, with multiple traffic diversions implemented to ensure pedestrian safety.
Chapel Street is a renowned dining and entertainment precinct, attracting thousands of visitors each week.
However, the strip has also been the scene of repeated criminal activity, including firebombings, brawls, stabbings, and more recently, hooning.
Footage circulating on social media, and referenced by police, shows drivers performing burnouts.
Another video shows people jumping onto a moving tow truck.
Insp Swinton described the behaviour as "reckless and irresponsible".
"A number of drivers engaged in dangerous driving and we will find those drivers," she told reporters on Sunday.
"There's footage of one particular driver doing fairly reasonable burnouts. We will identity him, he will be charged and his car will be impounded."
No arrests were made, although defect notices were handed out to several drivers for modified vehicles.
Police confirmed there was an influx of calls for assistance, mostly for the loud noise of cars participating in the planned meet.
Housing and Building Minister Harriet Shing said the behaviour of the hoon drivers as "absolutely disgraceful".
"Safety for people in and around our roads is of paramount importance and anybody who thinks that they can go out and live in such a cavalier fashion should be absolutely condemned," she told reporters on Sunday.
Police have been cracking down on crime at the popular shopping strip, with almost 130 people arrested this year.
The City of Stonnington has recently endorsed a new plan for Chapel Street, aimed at enhancing public safety, improving cleanliness, and boosting business and community confidence through a targeted program of actions.
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