Police and rescue crews have resumed their search for a fourth body after a light plane crash off the Victorian coast.

Three bodies, two men and a woman, all in their 60s were found yesterday after a light aircraft plunged into the ocean off Barwon Heads, near Geelong.

Emergency crews were alerted just after 12.30pm after a fisherman out at sea noticed the aircraft was in trouble and crashed into the water.

A plane has crashed near Barwon Heads. (9NEWS)

They believe a fourth man, aged 55, was also onboard.

Police, SES crews and local surf club members searched in the water and scoured the shoreline for debris most of yesterday afternoon, bringing in boat loads of plane wreckage to help solve the cause of the crash.

The body of the plane, which is submerged about 30m below the water, will also be brought to land on today.

Aerial images showed debris and an oil slick on the surface of the water. (9NEWS)

Aerial images from the 9NEWS helicopter showed an oil slick and debris on the surface of the water.

The plane is believed to be a Piper Chieftain aircraft which departed from Moorabbin Aiport.