The group released a statement via their website, saying that they would pay the reward for the return of the guitars with no questions asked to anyone with information leading to the recovery of the guitars.
Sometimes people make mistakes, but we'd like these back . . . no questions asked, Petty wrote on Twitter on Friday.
Petty's 1967 12-string blonde Rickenbacker 360 and his 1965 Gibson SGTV Junior, as well as instruments belonging to bassist Ron Blair, rhythm guitar player Scott Thurston, and lead guitarist Mike Campbell were among the pieces of property stolen from a Los Angeles-area studio last week.
The band and their equipment were reportedly on location in Los Angeles rehearsing for their upcoming US tour when the guitars and other said items went missing on Thursday.
Police in Culver City, Calif., are investigating the theft, according to CNN.
Known for hits such as Refugee, American Girl, Free Fallin' and The Waiting, Tom Petty is one of America's top-selling recording artists.
The band's tour is set to start Wednesday in Colorado.