A man has died and another continues to fight for life after a crane lost its load at a construction site in Melbourne’s east this afternoon.

Police believe the crane was transporting a tub of wet concrete when it fell into a pit where three men were working on an apartment complex site about 12.20pm on the corner of Watts Street and Whitehorse Road, Box Hill.

“It sounded like something crumbled in…and then the crane rope was dangling in the air,” witness Colin Perry said.

One worker has died and two others have been injured. (aap)

One of the men died at the scene after a large amount of weight fell on him, Gary Robertson from Ambulance Victoria said.

“It’s a pretty traumatic situation,” Mr Robertson said.

"It's something you never want to see."

The remaining two men were winched from the concrete using heavy-rescue gear, with a 28-year-old suffering critical injuries to his head and chest, and a 27-year-old sustaining minor injuries.

Fire-fighters conducted a high-angle rescue to free two of the trapped men. (aap)

The 28-year-old has been taken to the Royal Melbourne Hospital and remains critical.

The younger man was taken to Box Hill Hospital, and is stable.

“It’s been a very difficult incident as there’s been a lot of work to retrieve the people,” Brendan Angwin from the Metropolitan Fire Brigade (MFB) said.

Investigations into the cause of the accident are now underway.

Motorists have been advised to avoid the area. (9NEWS)

The Clark crane involved in the incident is owned by the same company as the crane which crumpled under harsh winds in Richmond in July.

Clark Cranes has declined to comment.

Victorian State Secretary of CFMEU John Setka has ordered for all 80 Clarks Cranes across the city to cease operation.

Motorists continue to be advised to avoid the area, with emergency services and WorkSafe on-scene.

Whitehorse Road is now partially open to traffic, while the left lane remains closed.