It is alleged knives were produced during the incident on Friday morning.

Detective Senior Constable Glen Fisher said the armed robbery took place on Church Street.

"About 1am a male and female were walking along Church Street, travelling south towards Camp Street," he said.

"They were close enough to the corner of Church and Camp Street when a group of males approached the male.

"He was struck to the head.

"There's been a short wrestle with one of those offenders and then two males have produced knives and made a demand for money."

Detective Senior Constable Fisher said the male victim ran away in a southerly direction.

"He's gone through the botanical gardens, along a side street and hid from the offenders for several hours before calling the police," he said.

Police would like to speak to the man's female companion.

"They were known to each other and had met up at the park earlier," Detective Senior Constable Fisher said.

"We'd like to hear from the female, we don't know what's happened to her.

"It's a woman by the first name of Michelle."

Anyone with information should phone Bendigo Police on 5448 1300 or Crime Stoppers on 1800 333 000.