A Victorian cyclist killed during a Sydney to Melbourne race was an experienced rider who would not take any risks, a member of his Melbourne club says.

Ron Spargo, 67, was found by a passing motorist in the NSW Southern Tablelands just before 10pm on Sunday, hours after starting the long-distance race.

Berwick cyclist Ron Spargo.

Police are still investigating the tragic incident, but say it's possible he may have been struck by a vehicle, collided with wildlife, or fallen from his bike.

Phillip Maas from the Peninsula Pedallers Cycling Club said Mr Spargo was a passionate cyclist who rode an average of 1000 kilometres each month.