Two officers, who are stationed in Cobram, were involved in a collision between their police vehicle and a van on the Murray Valley Hwy, at the Stokes Rd intersection.
The driver and sole occupant of the van, who is yet to be formally identified, died at the scene.
The two male police officers, a first constable and detective sergeant, were airlifted to hospital with serious injuries.
They both suffered upper body injuries.
An Ambulance Victoria spokesperson said one of the men, in his 30s, was flown to The Alfred hospital in Melbourne.
On Wednesday he was in a stable condition.
The other man, in his 60s, was flown to Goulburn Valley Health in Shepparton, from the crash scene.
On Tuesday night he was also transferred to The Alfred where he was in a serious but stable condition on Wednesday.
According to police, there is no indication the officers were in pursuit of the van and it is believed they were on patrol as part of their duties.
Major Collision Investigation Unit detectives have visited the scene to establish the circumstances surrounding the collision.
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