The theft took place in Barra, near Punta del Este, 140 kilometers (87 miles) east of the capital, in the early morning hours, police spokesman Victor Iraola told AFP.
“The victims were a 35-year-old Italian man and an eastern European woman,” he added.
Iraola said the thieves entered the home without attacking anyone, even though there were people there, stealing a safe with “17 pieces of expensive jewelry,” as well as the cash, which was in another part of the room.
Local media reported the Italian was believed to be a top businessman linked to Italian automaker Fiat.
Punta del Este is a popular upscale destination during the southern hemisphere summer.