Fishermen say they left their boats anchored in the bay Thursday night, only to discover them missing just before dawn yesterday.
One battered craft was later recovered in Studley Park without its engine.
Spokesman for the fishermen Fitzgerald Hades, said fishermen at Belle Garden were fed up of having their equipment stolen.
He said the losses could amount to over $100,000 for each boat.
Two engines were also stolen earlier this year.
According to Hade, who lost an engine to thieves two years ago, the bandits tend to strike whenever Tobago is hosting a major fete or event.
Tobago is currently in the midst of the Tobago Heritage Festival.
Hades said the affected fishermen are feeling the pinch since the season was good for fishing and fishermen usually take in upwards of 500 pounds of fish a day.
Hades does not believe that the attack at Orange Valley was related to the Belle Garden incident but said he would not rule out any possibility.
Four years ago a boat was stolen at Belle Garden and was later recovered intact at Maracas Bay.
Hades is calling in the Tobago House of Assembly to install CCTV cameras in the area to monitor the boats and the facility.
The fishing facility is located in an isolated area at the end of Bay Street which is over two kilometres off the Windward Road.