Three fire trucks, air ambulance and SES units were called to the the Inglis Road scene just after 1pm. 

Police say the men, from Montrose, were flying to Bendigo in a Cessna 172 and attempting to land at a private airstrip at Bagshot when they clipped power lines.

The plane brought down the power lines and landed on its roof, bursting into flames shortly after.

An Ambulance Victoria spokesman said one survivor was in a critical condition suffering from serious burns. A second survivor is in a stable condition with lacerations and abrasions. 

Both have been flown to The Alfred Hospital in Melbourne. Police say they are still attempting to notify the next of kin of the men.

About 122 Powercor customers in the area are without power. A spokesperson said crews had just gained access to the site and hoped to have power restored around 9pm tonight. 

For more, see tomorrow's Bendigo Advertiser.