Ballarat Crime Investigation Unit detectives are investigating an aggravated burglary in Mt Clear this morning (4 January).
The occupant of a house on Henry Avenue was woken by his dogs barking and saw flashlights in his backyard.
The 27-year-old walked into his passageway and was confronted by two unknown males about 3.40am.
One of the intruders produced a large knife and chased the victim through the house.
The victim managed to run down the street while the offenders drove off in a nearby vehicle.
The first offender is described as 173cm tall and was wearing a dark hooded jumper, dark Adidas shorts and white Nike Air runners.
The second offender is described as being very thin and was wearing a white face mask, blue jumper and dark shorts.
The vehicle they left in is described as a dark coloured Holden Commodore VT sedan which was driven by an unknown third offender.
Investigators have released CCTV and an image of the car in the hope someone may recognise them.
Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report at www.crimestoppersvic.com.au