Officers who attended the scene discovered a pile of insulation boards and other building materials that appeared to have been set alight.
Fire crews from Peel were dispatched to deal with the incident.
In the statement issued, Police say a white tipper-style van with a black open back and yellow stickers on the rear was seen in the area.
The vehicle, along with a car, was observed driving down Mill Road towards Main Road, Greeba, between 8.30am and 9am.
The van was carrying tote bags filled with materials.
A spokesperson for the island’s fire and rescue service added: ‘Please remember, for every minute that a fire appliance is called out to an event such as burning rubbish (which could have been disposed of responsibly) it is not available to help the public in other areas of the island.’
The Department of Environment, Food, and Agriculture (DEFA) has been notified, and an investigation into the incident is underway.
The police emphasised the seriousness of the matter, noting that this act is not only a criminal offence but also causes environmental damage and tarnishes the island’s natural beauty.
They warned that those responsible for the incident are likely to reoffend if not identified.
In their appeal, the police urged anyone with information about the vehicle or those involved to come forward.
They encouraged witnesses to contact the police on 631212 or to report anonymously via Crime Stoppers at 0800 555 111.