Police are investigating a hit-and-run collision that occurred last night in Marshall.

Around 6:15 pm, a red Holden Commodore sedan collided with a silver Mazda hatch on Barwarre Road.

A 42-year-old female from Armstrong Creek, who was driving the Mazda, sustained upper and lower body injuries and was airlifted to The Royal Melbourne Hospital with life-threatening injuries.

According to reports, the male driver of the Commodore abandoned the vehicle and fled on foot.

The male and female passengers of the Commodore were treated by paramedics. The 34-year-old man from Grovedale had upper body injuries and was transported by road ambulance to University Hospital Geelong in stable condition.

The 21-year-old female, also from Grovedale, was taken by road ambulance to University Hospital Geelong with minor injuries and is in stable condition.

The exact circumstances of the collision are still under investigation.

Anyone who witnessed the incident or has dashcam or CCTV footage is urged to contact Crime Stoppers at 1800 333 000 or submit a report at www.crimestoppers.com.au.