At around 4.45am on Tuesday, thieves robbed the ATM machine opposite Loma Park in Patong with a cutting torch and escaped with B200,000, but left B1.4 million remaining in the machine.
After looking at CCTV camera footage from around the island, the search centred on footage obtained from the Thai Watsadu construction store on Thepkrassatri Road in Thalang, where two "light-skinned" men were spotting buying materials, which were later found at the scene of the robbery.
Pol Lt Col Arun Klaeowatee of Kathu Police said there was a high chance the two men were working in a gang.
"Inquiry officers will now work to collect more evidence, and can then ask the court to issue arrest warrants for the two suspects. However, we are not sure if they are still in Phuket or not."
Police believe the criminals worked in a "professional manner" because they were able to efficiently open the ATM machine and create a hole big enough to slide a hand through to open the machine.
However, they may have rushed and panicked at some stage, leaving several boxes of money totalling around B1.4 million still in the ATM.