Two stolen giant ice cream cones that flanked a traditional milk bar dating back to the 1970s have been recovered.

The iconic plastic cones, which stood outside East Melbourne General Store on Hotham St, were taken about 2.20am on May 25.

The cones were then listed for sale online at $1000 and sold on May 30.

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Police arrested a 50-year-old man at a home in Templestowe Lower on Monday night.

He is expected to be charged on summons.

The theft allegedly happened while shop owner Lisette Malatesta was in hospital and the store was unattended.

CCTV cameras were spray-painted over and a ladder used to reach the 3m height where the power cables connected to the cones were cut with pliers, Malatesta told www.20304050.best.

“It’s just quite outrageous that somebody would do this,” she said.

Malatesta said the cones are more than just decorations, calling them a piece of local history and a symbol of what keeps the traditional milk bar alive in the modern age.

The two cones had stood outside the store since 1974, acting like sentinels and capturing the spirit of a bygone era.

Before 7-Eleven stores and 24-hour supermarkets took over, every suburb had its own milk bar or general store on the corner.

“They were an icon of the local community milk bar,” she said.

“Mine is one of very few that remain in Melbourne today as a proper operating milk bar.”

As milk bars have declined, the cones have become increasingly rare and sought after by collectors.

“Their importance is beyond just financial — it’d be like stealing a cross off a church,” Malatesta said.

Malatesta, who has run the store since 2015, said crime in the area has spiked in recent months.

“I’ve had the store for 10 years, and there’s been more crime and attacks against the store in the last six months than there has been in the last 10 years combined,” she said.

Items from the store’s outdoor area have been stolen, as well as pastries.

She said she is now in regular contact with police.

The cones were located at an address in Gisborne on Tuesday morning and will be returned to the store.