John White, 48, of Allaway Avenue, Paulsgrove, was walking with his wife and dog when a woman ran out of the bushes claiming a swan had attacked her child, as reported in The News last week.
She pointed from the footbridge in Peronne Road, Hilsea, to a nearby lake where Mr White saw what he thought was a baby floating face down in the water.
He immediately took off his coat and leapt into the waist-deep water.
But when he reached out he discovered it was a dummy.
When Mr White turned around he saw the woman and her male accomplice stealing from his coat.
He tried to get back to the path he was squirted in the face with liquid.
The thieves then fled east through Foxes Forest, in Hilsea, Portsmouth, with Mr White's tobacco and about £100 in cash.
Police hope the image of the woman, who was wearing a light blue hooded jumper when the attack happened at about 10.45am on October 28, will help them track down the thieves.
Anyone with any information should call Det Con Chris Dinenage at Fratton police station on 101, or Crimestoppers on 0800 555 111.
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