Two men are in a serious condition in hospital after a double shooting in Melbourne's inner north last night.

Police said two men were sitting in a stolen white ute on Macarthur Road near Royal Parade in Parkville when they were found with gunshot wounds about 11:30pm.

Blood could be seen on the outside of the ute.

A firearm and machete were located inside the vehicle.

One man was taken to the Royal Melbourne Hospital in a critical condition, while the other man suffered some lower body injuries and was taken to hospital in a serious condition.

Armed Crime Squad detectives are investigating the incident and have not yet established the exact location where the men were injured.

Police said the ute would be taken from the scene to be examined.