Victorians have been treated to what appears to be a rare cloud formation known as a Fallstreak Hole.

The formation was spotted in the Gippsland area, in the state's east, about 1:00pm on Monday.

The Fallstreak Hole, or hole punch cloud, occurs when part of a cloud's water droplets freeze into ice crystals and fall below the cloud layer, according to the Cloud Appreciation Society.

ABC audience members shared their photos.

The Fallstreak Hole appears over Korumburra. ( Audience submitted: Peter Fell )

The Fallstreak Hole captured over Moe. ( Audience Submitted: Lori Leskie )

The Fallstreak Hole as seen from Trafalgar. ( Audience submitted: Jan Eriksson )

The spectacular Fallstreak Hole cloud formation as seen from Korumburra in Victoria's east. ( Audience Submitted: David Barton )

Users on social media say they rushed outside to snap a picture of the rare cloud formation. ( Audience Submitted: Nancy Waddington )

The view of the cloud from the Wonthaggi state coal mine. ( Audience Submitted )

The Fallstreak Hole as it looked from Trafalgar. ( Audience submitted: Leone West )

The cloud formation was first spotted around 1:00pm. ( Audience Submitted: Peter McGovan )