A man has died after a wave capsized the boat he was in at Barwon Heads, about 20km south-east of Geelong.
Emergency services were called to the estuary about 6.50am (AEDT) on Saturday and learned that two men were in the boat before it was struck by the wave.
A member of the public on a jet ski rescued a 61-year-old man from Moriac. He was taken to hospital with non-life-threatening injuries.
The other man, who has yet to be identified, was trapped under the boat.
Life Saving Victoria members rescued the man, but he was pronounced dead at the scene.
The police will prepare a report for the coroner.
A member of the public on a jet ski rescued a 61-year-old Moriac man from the boat and he was taken to hospital with non-life-threatening injuries. The other man was trapped under the boat and died on the spot