A group of cyclists was riding east on Regent Street, outside the Port Fairy Showgrounds, when a car travelling in the same direction hit two of the riders at 7.30am, police said. 

The male and female, both aged in their 40s, are in a serious but stable condition.

Ambulance Victoria spokesman, John Mullen, said the man briefly lost consciousness at the scene.

The driver of the car, a Macarthur woman, 45, was treated at the scene for shock.

Police said it appeared the driver may have been blinded by the bright morning sun.

Investigations will continue today.