It is believed the offenders targeted the wrong house when they poured liquid over the vehicles in Tipton and set them alight.
Windows at the Sedgley Road property were also smashed by an offender during the incident at about 12.55am on Wednesday, June 2.
Two people were captured on CCTV fleeing the driveway, with one of them getting caught by the flames as they spread around the vehicles.
A police spokesman said: "We are investigating after two cars were set on fire outside a home in Sedgley Road, Tipton at about 12.55am on Wednesday 2 June.
"Windows at the home were also smashed by an offender who is believed to have arrived at the address in a black Audi car.
"Thankfully no one was reported injured and CCTV footage from the area is being reviewed as our enquiries continue."
"Anyone with information can contact us via live chat at west-midlands.police.uk, call 101, or speak anonymously to Crimestoppers on 0800 555 111. Please quote crime reference number 20/947739/21."