A man has died after a boat capsized on a river in Victoria.

The boat, which was holding two men, reportedly capsized at Barwon Heads near Geelong after it was struck by a wave and overturned at about 6.50 am today.

One man, 61, was rescued by members of the public on jet skis, while the second man became trapped under the overturned hull of the boat.

The boat, holding two men, reportedly capsized at Barwon Heads, near Geelong, after it was struck by a wave and overturned at about 6.50 am today. (Getty Images/iStockphoto)

The second man, who is yet to be identified, was pulled from the water by Life Saving Victoria and was declared dead at the scene. 

Police will prepare a report for the coroner, and have begun investigating the exact circumstances around the incident.

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