Melbourne businessman and gangland criminal lawyer Joseph 'Pino' Acquaro has been shot dead in a targeted attack in the Melbourne suburb of Brunswick East, Victoria Police homicide squad detectives say.

Key points: Acquaro's body was found at 3:00am on St Phillip Street by a garbage truck driver

Acquaro's body was found at 3:00am on St Phillip Street by a garbage truck driver A car was heard driving at speed away from scene

A car was heard driving at speed away from scene Acquaro represented a number of Melbourne gangland figures

Mr Acquaro, 54, was found at 3:00am by a garbage truck driver, on St Phillip Street, just a few hundred metres from a popular cafe strip in the inner-city Melbourne suburb.

He was a prominent criminal lawyer who has represented several Melbourne gangland crime figures.

He was also a past president of the Italian Chamber of Commerce and was involved in the Brunswick Reggio Calabria Club.

Mr Acquaro was a director of the popular ice-cream and Italian cake shop, Gelobar, around the corner from where his body was found.

Detective Inspector Mick Hughes said Mr Acquaro was shot while walking to his car after shutting his business about 12:40am.

Police said witnesses described hearing loud bangs about 2:00am.

"A witness has heard a car travelling down that street away from Lygon [Street] at a reasonably high speed," he said.

"If anyone has seen cars in the area prior to the shooting [and] just after the shooting, please contact Crime Stoppers.

Detective Inspector Hughes believed it was a targeted attack.

"It's always a concern when someone meets their death in a public place," he said.

The man's body was found in St Phillip Street next to a garbage truck in the early hours of the morning. ( ABC News: Helen Brown )

"From a safety perspective, it does appear to be targeted and as our investigation unfolds today, and over the next few days we'll probably know more about that.

"But certainly at this stage it certainly looks as if it's a targeted attack.

"The other possibility we'll certainly look at is robbery."

Detective Inspector Hughes said Mr Acquaro was known to police "through other associations", not because he had been convicted of any crime.

"There was a previous incident here that police were aware of," Detective Inspector Hughes said.

"From what I've been told, it appears that was a very minor incident that wouldn't result in something as tragic as this."

A woman who is understood to run the shop arrived at the scene and was visibly distressed.

SES workers conducted a line search in the area where the body was found.