On New Year's Eve, hundreds of people were reported to have gathered to watch an illegal street race on the Falls Road in west Belfast.
It is believed the event was coordinated through social networking sites and the activity was condemned by local political representatives.
Police have said the 12-year-old boy was spoken to in connection with the investigation and dealt with by way of "youth conferencing".
On Monday, police recovered three stolen vehicles in the Lower Falls area.
One of the vehicles, a silver Honda Civic which was reported stolen from the Tullycarnet area of east Belfast just after 11pm on Monday, was reported as bring driven erratically before colliding into a lamppost in the Falls Road area.
The driver abandoned the vehicle and it was recovered by police for further examination.
A red Peugeot 306, which was reported stolen from the Ballyhackamore area in the east of the city, and a red Mitsubishi Lancer, which was stolen from the Falls Road area, were also recovered.
A 14-year-old boy and a 46-year-old man were arrested in connection with the theft of the Mitsubishi Lancer.
Both have since been released on bail pending further enquiries.
We are committed to dealing with those who are putting the lives of the local community at risk with this dangerous and illegal behaviour.
Chief Inspector Emma Bond
Police are appealing for information and are continuing to ask for the public's assistance with their investigations.
West Belfast area commander, Chief Inspector Emma Bond, said: "Once again, members of the local community were put at risk on Monday night by reckless individuals who are stealing vehicles and driving them dangerously in this area.
"We are investigating these incidents but I would also appeal to anyone with information in relation to the theft of these vehicles to contact police.
"Officers are continuing to tackle the issue of vehicle crime in the area as a matter of priority."
As part of the PSNI's ongoing efforts to deal with the issue and in light of concerns raised about the illegal races, police resources have been coordinated in the area and specific operations have been put in place, the most recent of which was this weekend.
During the weekend operation, four arrests were made and on Thursday, three vehicles were recovered in the area as a result of police officers being out and about on patrol.
As part of the PSNI's ongoing efforts to deal with the issue and in light of concerns raised about the illegal races, police resources have been coordinated in the area and specific operations have been put in place, the most recent of which was this weekend.out and about on patrol.
Equipment which had been stolen from a Fire Service vehicle was also recovered and returned.
Since 1 January, the police said they have been proactively pursuing prolific offenders involved in vehicle crime and have made 15 arrests for various offences including burglary and taking and driving away, burglary and theft and theft from vehicle and criminal damage.
We are determined to apprehend those involved in this type of activity, to bring them before the courts and make the streets of west Belfast a safer place to live.
Chief Inspector Emma Bond
Chief Inspector Bond added: "Police in west Belfast are aware of some concerns raised recently in relation to the issue of car crime and we are continuing in our efforts to tackle it.
"We have been monitoring crime reports closely to see where the trends lie and listening to the local community to ensure we direct our activity accordingly.
"Overall crime in west Belfast is down however, we understand that behind any statistics, there are personal and individual stories of people who have been victims of crime and we are continuing to do everything we can to tackle the issue of car crime effectively.
"We are committed to giving the people of the area the policing service they expect and while we will do our bit to address the issues blighting this local community, we also need your help.
"We need local residents to report anti-social behaviour and criminal activity to us. By working together, we can make a difference."
Anyone with information in relation to the recent spate of car crime in the west Belfast area is asked to contact police 0845 600 8000.