A desperate search and rescue operation is underway after a boat capsized in waters off Victoria .

Police said two men were on a small boat when it overturned near the Mornington Pier in Mornington about 11.15pm on Friday.

The men were about 1km from the shore when they entered the water, with one man rescued by another boat a short time later.

He was assessed by paramedics and was not seriously injured.

The second man, believed to be aged in his 20s, was unable to be located in the dark.

“An immediate search commenced involving Water Police, Air Wing and Uniform officers, with assistance from HEMS, Life Saving Victoria and the coast guard,” police said.

“Anyone who witnessed the incident or has information is urged to contact Crime Stoppers.”

Shocked locals told 7NEWS the men h

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