The latest video tape released by Public Defender Jeff Adachi allegedly shows cops pilfering a laptop and digital camera from a suspected methamphetamine dealer’s apartment.

The footage shows a Feb. 25, 2011 drug arrest by Mission district-assigned officers Ricardo Guerrero, Reynaldo Vargas and three other officers, according to Adachi, who held a press conference Tuesday. Those officers can be seen walking into the building empty handed but on the way out Vargas and Guerrero appear to be holding bags that supposedly contain the missing valuables.

Officers arrested Jesus Reyes, 64, for possession for sale of methamphetamine. Prosecutors dropped the charges against Reyes on May 4 after Guerrero failed to show up to testify despite a subpoena, according to the Public Defender’s Office.

Vargas and Guerrero were also involved in another videotaped arrest that allegedly shows theft by officers at the Jefferson Hotel.

The San Francisco Police Department is aware of the allegations and will be conducting an Internal Affairs investigation, according to a statement from Chief Greg Suhr.

“All the officers in this case had been taken out of Plainclothes some have been reassigned to Administrative duties while the investigation is being conducted,” Suhr said in the statement. “I want to emphasize that these officers have the same rights as any other citizen. They are assumed innocent until proven guilty.”

bbegin@sfexaminer.com