A crowd of about 350 people had gathered on a road in Logan, south of Brisbane on Saturday afternoon.
Police said there were "some vehicles committing traffic related offences and driving in a dangerous manner" on the street, which they blocked off, declaring an 'out of control' event.
Three police cars were damaged, but no one was injured.
Queensland Police Union president Ian Leavers said those involved need to be dealt with harshly.
The outcome of some of the driving at the event could have been "so much worse", he said.
"We could have seen multiple lives lost and serious injuries," he told ABC radio on Monday.
"That would have been a real tragedy."
A 20-year-old man has been arrested, charged over damaging police vehicles, and participation in a hooning event.
He is set to appear at Beenleigh Magistrates court on April 3.
An 18-year-old, charged with dangerous operation of a motor vehicle and hooning offences, has also been arrested.
He is due to front Beenleigh Magistrates Court on April 22.
Police are continuing their investigations into the event, and have asked anyone with information, which may identify anyone else involved to come forward.
9°C