Two small homemade explosive devices have gone off and the bomb squad has deactivated a third with a robot in the Victorian town of Bendigo.

The first two bombs were reported to police on Saturday night before the third device was found on Chancery Lane in central Bendigo about 2:30am (AEDT) on Sunday.

A 24-year-old male from Maiden Gully, who handed himself in to the police on Sunday afternoon, was charged with eight offences, including reckless conduct endangering life and criminal damage.

The man was one of a group of people who were dressed as Santa on Saturday evening.

Earlier, Victoria Police Sergeant Steve Rainy said officers wanted to speak to the group.

"We're very interested in talking to a group of young adults dressed as Santa that visited a number of licensed premises last night, and were seen in the area of Hargreaves Street during the evening," Sergeant Rainy said.

"They are certainly people we want to talk to that may assist in our investigations."

Nobody was injured in the explosions, which police said were caused by home-made devices.

"The one that we found undetonated is a small piece of piping, with thread caps on either end, probably three or four inches in length, made from readily available products you could get in town," Sergeant Rainy said.

He added that the bombs were likely acts of stupidity rather than terrorism.

"We think it's a very long bow to draw any sort of terrorism aspect from what we've found here today, other than the device construction and what it is and how it's done appears to be more stupidity than some intent purpose with a cause," he said.

"This is just stupidity at its best, particularly in the current climate with recent events across the country.

"You'd think, why would somebody think this would be a fun Saturday night to bring these sort of devices, no matter how minor they may think they are?

"The propensity for significant damage to be inflicted on property and injury to persons is potentially horrific."