Police are searching for a suspected gunman after two people were shot dead amid reports of an early morning fight inside a suburban home.

Homicide detectives are investigating after reports of an altercation between a group of people at a home in Rye, on Victoria’s Mornington Peninsula, shortly after 4am on Monday.

Victoria Police say a man and a woman went to the Parson Street property, where a 29-year-old man lived – in what they think is a targeted attack.

The 29-year-old and the woman were later found with gunshot wounds, after a call to triple-zero. They were given medical assistance but later died.

The woman is yet to be identified.

“The man who attended the property in company with this woman left before police attended,” Detective Superintendent Janet Stevenson said.

“Obviously we are seeking to find out the identity of that man and locate him.”

She said all three were believed to be known to each other.

“We believe that they were known to each other, all of the parties and that it was targeted,” Stevenson said.

Victoria Police are keen to speak to anyone who may have information about the whereabouts of the missing man or know who the dead woman is.

They have also appealed for anyone in the area who may have CCTV or dash-cam footage to come forward.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000.

-with AAP