Wangaratta Crime Investigation Unit detectives have arrested four people following reports of a brawl this morning, Victoria Police say.
It is believed an altercation between five men occurred on White Street just after 12.30am.
Four of the five men were taken to hospital, one with life threatening injuries.
A fifth man was arrested just before 11.30am this morning.
Of those involved, a 41-year-old Wangaratta man has been airlifted to hospital and remains in a critical condition.
A 23-year-old and a 46-year-old, both from Wangaratta, remain under police guard in hospital and are yet to be interviewed.
A 27-year-old Wangaratta man has been released from hospital and is currently being interviewed.
A 46-year-old man of no fixed address has been interviewed and released pending further enquiries.
Investigators believe all parties are known to each other.
Anyone with information is urged to contact Crime Stoppers.