A Victorian man has been charged with 17 historical child sex offences, including sexual assault and threats to kill, following a police investigation.

The 71-year-old man from Balnarring in the state's south-east was arrested in August last year over the alleged attacks on two female victims about 20 years ago.

Police allege the incidents occurred between 2001 and 2007 in the Mornington Peninsula area and he has since been charged with a range of offences including sexual penetration of a child under 16, indecent act with a child under 16 and threats to kill.

He is set to appear in Melbourne Magistrates Court on May 5.