The children are all students attached to leading schools in Moratuwa and Panadura and had stolen computer parts from their respective schools.
According to the police, eight students between the ages of 16 and 18 were involved in the racket together with two adults from an internet café.
The police arrested all 10 suspects and produced them in court today.
According to the police the computer parts stolen were to the value of nearly Rs. 3 million.
Further investigations are underway.