Five CFA units are currently responding to an aircraft incident on Embankment Drive at Mount Beauty from around 1:41pm.
CFA crews from Mt Beauty, Tawonga Fire Brigade's and Mt Beauty’s Rescue appliance responded to Mt Beauty Airport where a powered glider had crashed.
CFA were first on the scene and provided medical assistance.
Ambulance Victoria, Air Ambulance and Victoria Police are also on scene assisting occupants.
The two occupants are now deceased. Any further enquiry can be directed to Victoria Police.
Incident deemed under control at 2:13pm and safe at 3:34pm. Emergency service crews will remain on scene for quite some time.