Calling the police might scare him and suppress the behavior, but I'm not sure it'll treat the cause. A kid this age who steals and lies like this does it because there is something going on, and it's his way of attracting attention. Lying can be because a) he could get away with it for a long time, and it's easier, b) he's so scared of one or both parents if he gets in trouble that it feels safer to lie, c) he's trying to get attention. The stealing is the same issue. As a kid, I stole twice in my life, the first time when I was 7 (just once) and I stole some money (I think it was $2) because I really wanted a toy that no one wanted to buy me. This was resolved with my mother starting to give me an allowance so that I could do certain things myself. The second time I did it (for a couple of months) was when I was 16, my sister had anorexia, I had bulimia. I didn't have enough money to feed my bulimia without my family knowing how much I was really eating, so I started to steal, and it was a way to get attention too from my parents, who were wholly focused on her, and ignoring my own issues.
So before doing anything like calling the police, I'd try to figure out what is going on in your son's life and in his head that could explain his behavior.
Hope this helps, and if you want to talk more, feel free to send me a message privately.