Avast has launched Beta version of its Mobile Security for android devices.Theft Aware which is priced around 4 USD comes pre bundled with Avast Mobile Security for free .This is one of the most comprehensive security suite that is capable of competing against rival paid products.
Avast has always distinguished itself from other companies by releasing quality products for free be it Antivirus for computers or Mobiles.

Major Highlights of Avast Mobile Security Beta:

• Protect your personal data with automatic virus scans and infected-URL alerts.
• Stop hackers by adding a firewall (rooted phones).
• Control anti-theft features with remote SMS commands for: history wipe, phone lock, siren activation, GPS tracking, audio monitoring, and many other useful tools.
• Your ‘invisible’ app hides itself, making it extremely hard for thieves to find and disable.
• A standalone yet tightly integrated component of avast! Mobile Security, avast! Anti-Theft is the slyest component on the market. Formerly known as Theft Aware, the Anti-Theft portion of avast! Free Mobile Security has been recommended by leading industry experts that include T-Mobile, N-TV, AndroidPIT, and Android Police.

It is compatible with all popular android versions including 2.1.x ,2.2.x and 2.3.x .But it has been tested on limited number of tablets so it may have some glitches while running on android 3.0
You can download it directly from Android Market.