Two men waiting for a lift home on the CBD fringe were mugged at gunpoint last month.

Police investigating the armed robbery said that at about 5am on Sunday, February 19, the two victims were standing on William Street, West Melbourne, when a white or silver Holden sedan pulled up.

Two men got out of the car and approached the victims on the footpath, one of them pointed a sawn-off shotgun at them.

The second man demanded the victims place their possessions on the ground, they complied, and the man collected phones and wallets off the ground.