The remains of a TV camera operator and a pilot who went down with a former military jet that crashed into waters off Melbourne’s Mornington Peninsula have been found.

Victoria Police on Wednesday confirmed they discovered the remains of the 30-year-old camera operator, Surrey Hills man James Rose, and 56-year-old pilot, Brunswick man Stephen Gale.

Crews on Monday evening found the wreckage of the plane off the shore of Mornington.

The aircraft was one of two Viper S-211 Marchetti planes conducting a formation flight for a Jetworks Aviation promotional video about 12km west of Mount Martha.

They collided mid-air and one crashed into the water about 1.45pm on Sunday while the second landed safely at Essendon Airport with two people.

Police continue to investigate the crash.

– AAP