Vic man died after targeted attack: police

An attack on two Melbourne men that left one dead appears to have been a targeted assault, police say.

The man who died, believed to be in his late 20s, suffered head injuries caused by blunt trauma, possibly from a bat or a pole, police say.

A small, bloodied knife was found at the scene at Caroline Springs in Melbourne's west.

Detective Sergeant Stephan Shehan said the victims may have used it to defend themselves.

"This is what I believe to be a targeted assault," he told reporters on Saturday.

He said neighbours were woken by the sound of male voices in the early hours of the morning.

Police were called at 3.30am, by which time one of the victims, who is yet to be identified, had died.

Det Serg Shehan said it's believed three males left the scene in a dark coloured sedan.

Shortly afterwards the second victim left the scene.

Police are calling for him to make contact with them.