The initiative will see residents work within the town to raise awareness of the dangers of driving too fast, helping to control the problem locally.
Volunteers will be provided with training and equipment from the police.
A Sandy Town Council spokesman said: "Calling Sandy residents. Do you want safer roads in Sandy? Are you worried about speeding in the town?
"Help your community by volunteering today to create a new Sandy Speed Watch group!"
Volunteers will undertake sessions where they record the details of any vehicles exceeding the speed limit, sending the results to the police.
The registered keeper of the vehicle will then be sent a letter informing them that the vehicle was detected exceeding the speed limit, giving the location, date and time.
Persistent speeders will receive a second letter and on a third occasion, they can expect further action to be taken by the police.
The spokesman added: "The police control room should be notified of any Speed Watch sessions taking place.
"Training can be arranged at various locations around the county and consists of two modules lasting a maximum of two hours. It will cover the use of the equipment, conflict resolution and, optionally, basic first aid."
Bedfordshire Police is looking for at least four volunteers from the local community to come forward in order to re-establish a Sandy Community Speed Watch group.
Anyone who would like to volunteer can register their interest by emailing Bedfordshire Police at: [email protected]