The theft has devastated parishioners from All Saints church in Merton near Hatherleigh who had raised thousands of pounds to have them restored.
The three bells, made from 70% copper, were taken in Tavistock on Monday night.
A forklift belonging to the workshop was used to hold open a shutter door while the bells were dragged out.
The vicar of All Saints, Revd Christian Merryvale, said parishioners were in a "state of deep shock".
"People in the parish have been working very hard for many years to restore the bells.
"At the same time we are glad that the man restoring them was not in his workshop and therefore suffered no injury when the incident took place."
Police are appealing for anyone with information to come forward.
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