Shepparton Highway Patrol Leading Senior Constable Mick Jarrett said the two vehicles involved in the collision were travelling west on the causeway near KidsTown at around 7.45pm.
"The second vehicle has overtaken the first but in returning to its lane it clipped the vehicle it has overtaken and caused it to lose control," he said.
"The vehicle has gone off the edge of the causeway ... down the embankment and hit a tree."
Sen Const Jarrett said the driver of the vehicle, a white Holden utility, which overtook the other failed to stop and render assistance at the scene.
The driver of the vehicle which collided with the tree and his passenger, both males in their mid 50's, suffered minor injuries during the incident.
Sen Const Jarrett said they were both assessed by Ambulance personnel at the scene and later transporter to hospital.
Police confirmed there were witnesses at the time of the incident who came forward to assist with their inquiries.
While the vehicle remains at large, police are continuing their investigations.
Anyone who witnessed a white Holden utility following the incident or has any information about the collision is urged to contact First Constable Beaumont at the Shepparton police station on 58 205 777.
Alternatively a confidential report can be made via Crime Stoppers at 1800 333 000.
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