The Alberta Serious Incident Response Team says Mounties in Grande Prairie received a call on Saturday about two suspicious men in a residential neighbourhood.
ASIRT says officers located the men who were riding bicycles, one towing a metal dolly with a large safe that was later found to have been stolen.
That man was taken into custody, but the second man cycled off.
ASIRT says a police vehicle chasing him hit the man, who had veered into the yard of a home on his bike.
The 28-year-old was seriously hurt and taken to hospital, where he remains in stable condition.