Two businessmen from south-western Sydney suburbs are in custody after being charged with stealing forklifts, assorted nuts and bakers' flour worth more than USD500,000.

Jamal Ali Skaf, 43, of Villawood, and John Matar, 48, of Greenacre, each face more than 40 charges, including larceny, obtaining financial advantage by deception and using false cheques to gain financial advantage, the Canterbury Bankstown Express reported.

Police documents say forklifts worth more than USD300,000 were stolen from Bankstown, Chester Hill and Kingsgrove, in Sydney.

Legal representatives for the pair said they would apply for bail but the case was adjourned until later this month.