A 59-year-old Detective and an 35-year-old Senior Constable have been killed in the line of duty with the Victoria Police Commissioner Mike Bush travelling to Wangaratta on Tuesday night to confirm the tragedy.
Another officer was wounded and is being treated with non-life-threatening injuries.
Commissioner Bush could not confirm whether they are Wangaratta officers who were shot and all next of kin needed to be informed.
"We're obviously here to support the staff who are here, it's extremely traumatic and while they are all affected by it they are extremely professional and focused on the job at hand," Comm Bush said.
Earlier in the day 10 police officers attended a property on Rayner Track at Porepunkah to execute a search warrant, then the tragedy unfolded.
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A manhunt for the suspect, who is believed to be at large in the alpine area surrounding Porepunkah, will be ongoing until he is captured.
Commissioner Bush addressed media confirming that the suspect is armed with multiple weapons and he urged the public in the Porepunkah area to remain in doors.
He explained that 10 very dedicated police officers went to execute a search warrant and they are still debriefing the other officers that were involved.
"It happened over minutes but the officers who were involved, the seven who were uninjured, remained there for hours while we locked down the area and made it secure," he said.
"You have to be very careful when you have an offender at large that you know to be armed.
"The seven officers are physically okay, but traumatised - they (the two deceased officers) were met by the offender and murdered in cold blood.
"He was heavily armed and he was able to escape into the bush and I do understand he was pursued but was able to get away on foot."
It's still unclear whether the police officers discharged their weapons.
Comm Bush said the suspect was on his own as he escaped into the bush, according to the police officers who saw him, however there is currently no information to suggest whether he is with or without this partner and two children.
"We are still looking to locate his partner and two children but he was not seen to head into the bush with them," he said.
"We're still debriefing the police officers at the scene to understand where his wife and two kids were."
The suspect has several firearms but police would not disclose what types of firearms or how many.
The search area is described as terrain that can be rugged, but Comm Bush said they have every resource on the ground and in the air looking for him across a large cordoned off area.
Comm Bush said there was a risk assessment done prior to the search warrant but he couldn't confirm any further details.
"The public should remain inside and he is obviously a very dangerous person and needs to be caught," he said.
"Please, if you think it's going to be important, or we'll help us find them, please contact us.
"It has been a terrible day for the community, a terrible day for the officers and their families, and Victoria Police are fully deployed to bring this matter to a peaceful conclusion."
Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppersvic.com.au
