Police have said they are also reviewing a number of recent incidents in the Rathcoole area to establish whether they are linked.
Police also said local patrols in the area following the attack “will be increased”.
The vehicles sustained significant damage during the attack, footage of which was captured on the victim’s CCTV camera.
The aftermath of the incident on Thursday night
Cars damaged in racially motivated arson attacks in Rathcoole
Two individuals can be seen approaching the car, before setting it alight and making off down an adjacent street.
The victim – a black man – and his partner, who is from the Republic of Ireland, have a young child.
“It is ridiculous. It is traumatic. We have an 18-month-old baby and we can’t live like this,” he told the Belfast Telegraph.
“Both of the cars were burned. I am black and my partner is Irish. This is the fourth time, but I’ve never seen it like this. This was the biggest attack.
“It is embarrassing too. I pay my rent here, nobody has given me this free. I’m not on any benefits or anything.
“I don’t have any other choice than to be here. I am scared – where am I going to go to?”
A PSNI spokesperson said they were investigating a number of reports of criminal damage in the area which they believe to be racially motivated.
Chief Inspector Mullan said: “My officers are investigating two arson incidents which occurred on Thursday evening, June 5.
“There have been several other hate crimes in this area in recent weeks and we will be reviewing all of the incidents to try to establish if they are linked.
“Enquiries into both incidents, which are being treated as hate crimes, are ongoing, and we are appealing to anyone with any information which might assist us to come forward.
“The number to call is 101, quoting reference number 1825 05/06/25.
“These kind of attacks are completely unacceptable, and I want to make it clear that Police will do everything in their power to identify the offenders and bring them before the courts.
“We will be conducting a thorough investigation, and local patrols will be increased in this area as we work to bring this criminality, which has no place in our society, to an end.
“The police cannot prevent and detect this behaviour alone and I would ask for the support of elected representatives, partner agencies, community leaders and local residents to work with us and help us to end these attacks.
“These attacks are impacting on families living in the area, some of whom have young families.”