Police have charged a woman with murder after a man died at a caravan park on Victoria's south-west coast.

Homicide squad detectives are investigating after a man was found with stab wounds about 2.30am on Friday at a caravan park on the Princes Highway in Port Fairy.

Emergency services were called and paramedics tried to revive him but he was declared dead at the scene.

A 35-year-old Port Fairy woman was arrested on Friday morning and has since been charged with one count of murder.