Two former Victorian premiers have called for two Liberal powerbrokers to quit for swapping racist and homophobic insults about other party members.

Federal Victorian MP Kelly O'Dwyer, who is part of the Liberal Party's more progressive faction, said she was "pretty disgusted" by the messages and those involved needed to "examine their next steps".

"I don't think that those comments have any place in a modern Liberal Party," she said.

"I think that those individuals who've been named need to examine their behaviour and need to examine their next steps."

When asked if the pair should resign, Ms O'Dwyer said Treasurer Josh Frydenberg would have something to say at the party's administrative meeting on Thursday night.