A police spokeswoman said the first man to receive treatment, a 35-year-old Bendigo North man, has now been released from the Mount Beauty Medical Centre.

The second man, a 33-year-old Box Hill man, is now receiving treatment at the centre.

A police spokeswoman said both men had been suffering from hypothermia.

UPDATE 5:16pm: One of the two bush walkers found after a night lost on Mount Bogong is receiving medical treatment at Mount Beauty Medical Centre, police say.

A police spokeswoman said emergency services officers were still walking the other bushwalker out.

It was not known which of the two men, identified previously as being from Bendigo North and Box Hill, was still being walked out, the police spokeswoman said.

UPDATE 2.12pm: Two bush walkers who went missing on Mount Bogong on Saturday afternoon are still trekking down the mountain with emergency services officers.

The two men, from Bendigo North and Box Hill, are expected to arrive within the next few hours.

More to come.

UPDATE 10.46am: Police search and rescue officers are about to start helping two bushwalkers down Mount Bogong.

The two men, from North Bendigo and Box Hill, were found at 4.30am this morning after a 12-hour search overnight.

A police spokeswoman said the men were uninjured but had suffered some hyperthermia.

EARLIER: Emergency services are trying to rescue two men who became lost in bushland at Mount Bogong on Saturday.

The two men, a 35-year-old Bendigo North man and a 33-year-old Box Hill man, were part of a group of six who set off in pairs on Saturday morning from Michelle Hut. 

Police spent the night searching for the two bushwalkers who failed to reach Cleve Cole on Mount Bogong in the Alpine National Park.

The search was started after they became lost and contacted police around 4.30pm.

The men were found on the Staircase Spur around 4.30am on Sunday.

Emergency services are with the men and are devising an extraction plan which will be dependent on weather conditions.