A little boy has been found safe and well after a frantic search was launched in central Victoria .

The two-year-old was last seen around 9.45am Wednesday on Osment Rd in Colbinabbin, near Bendigo, before he vanished, sparking a major emergency response.

Police deployed the Air Wing, Search and Rescue, the dog squad and general duties officers, with SES crews also scouring the area.

He was found safe and well about two hours after he vanished.

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