A man has been arrested and two people are thought to have sustained serious injuries after what police called a “serious assault” on Melbourne’s Mornington Peninsula.

Police were called to the Rosebud Plaza shopping centre on McCombe Street about 10:15am after reports of a man armed with a weapon.

“It is believed two people have sustained serious injuries,” a Victoria Police spokeswoman said.

“A man is in custody and there is no ongoing threat to public safety.”

Two men were admitted to The Alfred hospital and were both in a stable condition on Saturday afternoon.

Police and emergency services were at the scene in the morning.

An investigation into the incident is ongoing.

Anyone who witnessed the incident or with information is urged to contact Crime Stoppers on 1800 333 000.

–ABC