Masked vandals have used fire extinguishers filled with coloured paint to destroy one of Melbourne’s most iconic landmarks.

The city’s artwork hotspot, Hosier Lane, was painted over by the vandals over the weekend.

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Footage of the incident was shared to social media and surfaced on Monday morning.

“A lot of awesome artwork was destroyed,” said Joe Musco, one of several people who posted footage of the incident to Instagram.

“I love Hosier Lane. It’s full of so much fantastic art. It’s a Melbourne icon. These idiots have ruined it,” someone commented on the video.

Vandals were filmed spraying the walls of Hosier Lane with paint in fire extinguishers. Credit: Joe Musco / Instagram

Many of the vandals wore their shirts as masks to hide their identity.

One filmed the act on a drone.

They were armed with fire extinguishers filled with paint, spraying the murals that normally adorn the brick walls.

The aftermath was streaky lines of paint lining the intricate artwork.

The City of Melbourne sent crews to clean the cobblestone and curbing on Monday morning.

Lord Mayor Sally Capp told 7NEWS.com.au it was “unacceptable”.

“Melbourne is the street art capital of Australia. We recognise the importance of street art to our city’s culture, particularly as an attraction for local and overseas visitors,” she said.

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“Hosier Lane is recognised as a long-standing street art site. The very nature of street art is that it is temporary, ephemeral and forever changing.

“We are aware that a group of vandals covered Hosier Lane with paint over the weekend.

“This is unacceptable and is not in keeping with the spirit of Hosier Lane.”

Ellyse Perry poses for a photograph in front of a mural in Hosier Lane. Credit: JAMES ROSS / AAPIMAGE

She said the act was “vandalism”.

One of the most recent artworks to be painted on the walls was of Australian Women’s cricketer Ellyse Perry and musician Katy Perry, completed by a local artist in honour of International Women’s Day.

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Artist Tayla Broekman posted to Instagram, writing: “My piece is probably gone now.”

Capp says she has reported the incident to Victoria Police.