The tapes, which were edited, subtitled and dubbed with music, showed burglaries, vandalism and breaking and entering.
Detective Constable Nick Longman of Tamworth CID said the police found the tapes while they were investigating an unrelated matter and suspicions were aroused by the titles.
"Some interest was expressed about the videos because of their titles and officers' suspicions were aroused when they tried to keep them away from them," he said.
"I've never come across anything like this before. They must have some equipment somewhere as they've done a proper job, but I don't think they'll be doing it again in a hurry. I think they've learnt their lesson."
Mr Longman said the pair had filmed each other breaking into derelict and unfinished properties, smashing up buildings and committing burglaries.
The men, who have not been named, are in their 20s, and have been bailed while investigations continue.Reuse content