This problem involves calculating speeds based on relative motion scenarios. We need to find the speed of the thief using the information provided about chase and meeting times.
Let $P$ be the speed of the police officer in meters per minute (m/min) and $T$ be the speed of the thief in meters per minute (m/min).
The initial distance between them is 500 meters.
We now have a system of two linear equations:
To find the speed of the thief ($T$), we can subtract the first equation from the second:
$(P + T) - (P - T) = 250 - 50$
$P + T - P + T = 200$
$2T = 200$
$T = \frac{200}{2}$
$T = 100$ m/min.
Alternatively, we can first find the police officer's speed ($P$) by adding the two equations:
$(P - T) + (P + T) = 50 + 250$
$2P = 300$
$P = 150$ m/min.
Substitute $P = 150$ into the second equation ($P + T = 250$):
$150 + T = 250$
$T = 250 - 150$
$T = 100$ m/min.
The speed of the thief is 100 meters per minute.
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