The colourful children's roundabout was on a trailer parked on the service road approaching Kingdom Services, Halbeath in Fife, along with another ride.
It was stolen between 6pm on Tuesday, December 31, and 1pm on Friday, January 3.
Police Scotland said that whoever took it would have needed a vehicle fitted with towing equipment.
The force appealed for information about the theft.
Community sergeant Darren Stewart said: "This is quite an unusual theft concerning a high-value piece of showground equipment.
"It is best described as being a children's roundabout which is housed on an 18-foot trailer.
"The ride itself is pink and blue in colour with Disney characters on the top and has several horses, a red bus, a fire engine, a car and dolphins for children to ride on or in.
"For someone to steal the trailer would require a high-powered or large vehicle fitted with the necessary towing equipment.
"I am asking for anyone who may have witnessed this theft or to anyone connected with this industry who may been offered the ride for sale to contact the police in confidence.
"Anyone who has information relevant to this theft is asked to contact Police Scotland on 101, or alternatively the charity Crimestoppers on 0800 555 111."