Pair arrested after man drowns in Melbourne's Yarra River

Two people have been arrested after a man drowned in Melbourne's Yarra River earlier this month.

The 22-year-old Clyde North man was found dead in the river in Melbourne's CBD about 4pm on October 1.

Detectives from the Missing Persons Squad now allege he jumped into the river to escape an assault in the early hours of the morning.

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It's believed the man left a bar on Flinders Street shortly after 1am on September 30, before he got into an altercation with a group of males he did not know.

"The Clyde North man was punched and elbowed to the head, before he ran from the scene," a Victoria Police spokesperson said.

"He was chased by two of the men, one of whom brandished a machete."

He allegedly then jumped into the river to try to escape the pair, and managed to scramble to a jetty, before he fell back into the water and drowned.

Police executed warrants at homes in Collingwood and Melton South today, arresting an 18-year-old Collingwood man and a 16-year-old Melton South boy.

They have been interviewed and released pending further enquiries.

A machete was seized from the Collingwood address.