Police have arrested three men following an incident in Eildon last night that has left a male deceased.

Investigators have been told a group of people had a physical altercation outside licensed premises on Goulburn Valley Highway just before midnight.

It is believed one of the males may have been struck before he fell and hit his head on the ground.

Paramedics attempted to treat the man but he died at the scene.

The three men in custody are currently assisting police with enquiries.

Anyone with information or who may have witnessed the incident is urged to call Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.au