A person has died and a second has life-threatening injuries following a skydiving crash in Torquay, in coastal Victoria, on Friday afternoon.

The pair were doing a tandem jump when they got into difficulty and crash-landed in a paddock in a street in the town shortly before 1pm.

Paramedics treated the pair in the paddock on Fischer Street.

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Victorian Police said one person died at the scene while the other had been flown to hospital in a critical condition.

It is believed the plane carrying the pair had taken off from the nearby Torquay Airport shortly before.

Police will prepare a report for the coroner.