The 4-by-8-foot sign in the yard of a black resident was replaced by a Confederate flag.
The Obama sign was posted by 78-year-old Leroy C. McLaughlin, a Baptist minister. He reported it missing on Friday. Despite the theft, McLaughlin says he's praying for the person or persons who made off with his campaign sign.
Chesterfield police spokeswoman Ann Reid said police are investigating the sign's disappearance as a larceny.
A spokesman for Obama's campaign in Virginia said there have been other incidents ini Virginia and elsewhere that have had racial overtones.