Woman killed in head-on crash in Victoria

A woman has been killed and two men have serious injuries after a head-on crash in a small town southeast of Melbourne.

It is believed a station wagon was travelling along Baxter-Tooradin Road in Pearcedale when it collided head-on with a four-wheel drive about 5.30pm on Saturday.

The driver of the station wagon, an 81-year-old Frankston man, was airlifted to hospital with life-threatening injuries.

His female passenger, who is yet to be formally identified, died at the scene.

The driver of the 4WD, a 39-year-old Rye man, was taken to hospital with serious injuries.

Investigators believe the Ford station wagon was driving at speed and seen veering on to the wrong side of the road before the collision. They are keen to speak to any witnesses or anyone who was in the area at the time and has dash-cam footage.