UPDATED 4.21PM: A 27-year-old man who took a man hostage at gunpoint and led police on a high speed police pursuit has been charged.

The man has been charged with two counts of aggravated burglary, two counts of failing to stop, possession of Methamphetamine, two counts of threatening to kill or do grievous bodily harm, using firearm against a law enforcement officer, kidnapping, unlawfully taking a motor vehicle and dangerous driving.

He is due to appear North Shore District Court tomorrow morning after 9 o'clock. He will remain in police custody overnight.

The alleged gunman was last night involved in a high speed pursuit with police after they attempted to pull him over in a stolen white ute.

The pursuit began on Lake Rd in Devonport at 12.25am when the police investigated the sounds of a car doing burnouts.

A patrol car tried to catch up with the car but it sped off.

The pursuit briefly came to a halt when spikes deflated the tyres of the fleeing car.

But when the vehicle stopped the driver made a dash for freedom breaking into a house and holding up a 64-year-old man at gunpoint.

In a media conference this afternoon, Inspector Hayden Mander said the couple were in bed asleep when they were woken by noises.

"The gunman smashed a ranch slider door and ordered the gentleman in the house to get into his own Ford Falcon with him. The man's wife was left behind."

Mr Mander said the man then appeared with the hostage and began to flee south with the man.

The alleged gunman drove to the Hamilton expressway, where he drove through the scene of a truck and trailer crash.

"We had a truck on its side blocking both southbound lanes and the pursuit that went through the crash scene."

The man continued to drive south but crashed a short time later on the Horotiu Expressway with the hostage still in the vehicle.

"The gunman got out of the car and hid behind the vehicle. He was called upon to surrender and was taken into custody by the armed offenders squad a short time later.

"The offender then told police he had swallowed 3g of meth and was taken to Middlemore Hospital to be assessed."

Mr Mander said the 64-year-old man sustained a minor hand injury but was otherwise unharmed.

He said two men were still being sought by police.

"We believe there are two unidentified men that we are looking for."