Police confirmed that they were called to the shop in the village of Forth after the ATM was pulled from the wall of the shop, which was identified as a local newsagent.
The incident has caused Main Street to be closed, with a diversion in place.
A Police Scotland spokesperson said: “Police were called at 4.10am today to a report of an ATM theft at a newsagent on Main Street, Forth.
“A digger was left at the scene, and the culprits left in a car. There was damaged caused to the building as a result, and the street is currently taped off.
“Building control officers are in attendance to assess the damage and local diversions are in place.”