The 25-year-old, who also excelled at cricket before deciding to focus on golf after finishing secondary school, had an eagle and seven birdies in his eight-under 64 around the Creek Course on Thursday.
Lyras's professional career has been something of a slow burn to date, although he did qualify for two US PGA Tour events in 2021.
"I'm on my trajectory," he said.
"I started the game a little later than most in the comeptitive aspect but I think that everything that has happened has snowballed a little bit."
Lyras was five under for the four par-fives, a testament to how well he hit the ball off the tee.
"It's definitely one of my best (ever rounds)," he said.
"I think I had the best control of my driver I've ever had and you had to out there because you're hitting driver everywhere.
"You've got to keep that confidence going with the driver."
Dimi Papadatos, who won the Vic Open back in 2017, birdied his final hole to move to outright second spot at seven under.
Australians James Marchesani, Zach Murray, Cameron John and Andrew Martin were tied for third at six under, while evergreen local Richard Green wound back the clock to be at five under.
The 50-year-old Green has played little competitive golf in the last two years, although he is targeting the European Senior Tour in 2022.
"Maybe the break over the two years mentally away from tournaments has freshened me up a little bit," said Green, who won the Vic Open back in 2015.
"That spark and interest in performing again is certainly back.
"I could never really tell if I had done enough work over those two years, but you come out here and you practise every day and you do something and maybe that was enough.
"I'm trying to get myself into good shape to play the (European senior tour) and give myself the best shot for the next five years of golf, in the same way I used to treat the European Tour."
Pre-tournament favourite and Australasian Tour order of merit leader Jed Morgan carded an opening round 71, as did 2006 US Open champion Geoff Ogilvy.
The top-three finishers in the $410,000 tournament will be guaranteed starts in the 150th edition of the British Open at St Andrews in July.
The men's and women's Vic Opens are played side-by-side at the 36-hole layout on the Bellarine Peninsula.
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