A young father-of-two is fighting for his life in an induced coma following a violent road rage incident in Melbourne's south-west on Thursday night.

Two cars collided on Saltwater Promenade in Point Cook about 8.15pm. The two male drivers both got out of their cars after the crash and began arguing.

Police say the argument quickly escalated into a fight. The 33-year-old Point Cook man was taken to hospital with life-threatening injuries, where he remains in a critical, but stable condition.

The driver of the second vehicle fled in a blue or grey Ford Ranger XLT ute.