Two teenagers are on the run after a fatal hit and run collision in Melbourne's east this morning.

Police allege a grey Lexus four-wheel-drive travelling south along Stud Road in Wantirna South collided with an eastbound black Holden Commodore at the Boronia Road intersection in Melbourne's east shortly after 1am.

The teenagers fled the scene and police believe the car is was stolen.

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Two teenagers are on the run after a fatal hit and run collision in Melbourne's east this morning which left two people dead

Major Collision Investigation Unit detectives are investigating and are urging the male and female to come forward

The male passenger, 38, in the Holden died at the scene and police are yet to formally identify him while the female driver, 32, was taken to hospital before passing away.

The man and women were a married couple on their way home.

The occupants of the Lexus were last seen running westbound on Stud Road and are yet to be located.

Police believe they are a male and female about 18-years-of-age.

The occupants of the Lexus (pictured) were last seen running westbound on Stud Road and are yet to be located

The male passenger in the Holden died at the scene and police are yet to formally identify him while the female driver was taken to hospital before passing away

The male is perceived to be of Caucasian appearance and about 173cm tall with a skinny build and dark collar-length hair with blonde streaks.

He was wearing a hi-visibility hooded jumper and possibly grey shorts.

The female is described as being Caucasian in appearance and about 165cm tall with a skinny build and long wavy blonde hair.

The female is described as being Caucasian in appearance and about 165cm tall with a skinny build and long wavy blonde hair

The aftermath of a fatal hit and run collision overnight which left two people dead and two teenagers on the run form police

She was wearing a white tank top, black leggings and a black leather purse with a shoulder strap.

Major Collision Investigation Unit detectives are investigating and are urging the male and female to come forward.

Traffic is being diverted at the scene of the collision and the road will be closed for some time.