Two teenagers are under police guard in hospital after a stolen police car crashed into a bus in Melbourne.

The boys have serious injuries and the bus driver has minor injuries.

The crash involved an unmarked police car and happened during a police intercept attempt in Station Street, Box Hill South, about 1pm.

A police officer was forced to jump out of the path of the car to avoid being struck.

The collision occurred on Asquith Street in Box Hill. (9NEWS)

Both teens were under 18 and unlicensed, and police said it was lucky that no-one was killed in the high speed crash.

“This could’ve easily turned into a fatality, and when you look at the damaged that’s been caused, I’m amazed it hasn’t,” an attending officer said.

“We don’t know whether they were targeting a police car.”

The unmarked police car was stolen from Hughesdale. (9NEWS)

The car had been stolen from Hughesdale last night, and police prepared for the intercept attempt after it was sighted earlier today.

The bus driver is aged in his thirties, and there were no passengers on board the bus at the time of the crash.

The driver of the bus is aged in his 30s and has suffered minor injuries. The bus was out of service and there were no passengers on board.