The 47-year-old was flown to the Alfred Hospital after police and paramedics responded to an incident in Hamilton about 7.30pm.

A Victoria Police spokeswoman said it is believed a car was set on fire in Hamilton Place.

"A 37-year-old man has been charged with attempted murder following an alleged incident in Hamilton last night which has left another man with life threatening injuries," she said.

"A 47-year-old man from Portland who was in the car at the time of the fire suffered life threatening injuries and has been airlifted to a hospital in Melbourne."

An Ambulance Victoria spokeswoman said the man was initially taken to the Hamilton Base Hospital where he was treated for upper body injuries.

"He was then transported to the Alfred hospital in a critical condition," she said.

The 37-year-old Portland man has been remanded in custody and is expected to face Warrnambool Magistrates' Court on Tuesday