Shepparton Highway Patrol Acting Sergeant Mick Jarrett said the 33-year-old man was travelling along the Causeway from Shepparton to Mooroopna when he lost control of his vehicle for some unknown reason at around 6.40pm.
Act Sgt Jarrett said the vehicle, a Ford Falcon sedan, collided with a traffic light pole on the road in front of KidsTown causing significant damage.
"The vehicle was almost split in two," he said.
It is understood the vehicle then collided with an oncoming Ford sedan which was travelling towards Shepparton at the time.
"The male driver of the falcon has been ejected from his vehicle and he suffered substantial injuries," Act Sgt Jarrett confirmed.
An air Ambulance was dispatched to the scene to transport the man to The Alfred Hospital for treatment.
An Ambulance spokesperson confirmed the man was transported in a critical condition with upper body injuries.
The occupants of the second vehicle, a 23-year-old woman from Echuca, her partner and a young child were taken to Goulburn Valley Health via road Ambulance for treatment and observation.
An Ambulance spokesperson said the woman was in a stable condition at the time with upper body injuries while the other two occupants were discharged from the hospital shortly after.
The second vehicle suffered minor damage during the collision.
Act Sgt Jarrett said it was too early to determine the cause of the collision at this stage, confirming the investigation was ongoing.
The Causeway was blocked to traffic in both directions for a number of hours following the incident.
Anyone who witnessed the collision or has dashcam footage from the scene is urged to contact Senior Constable Steve Kirby at the Tatura police Station on 58 243 099.
Alternatively a confidential report can be made via Crime Stoppers on 1800 333 000 or at www.crimetsoppers.com.au