A gun and a machete were found inside the stolen vehicle, police said.
Natalie Webster, a Victoria Police spokeswoman, said this afternoon: “One of the men remains in an induced coma at hospital while the other is being treated for his injuries.
Blue rubber gloves and remnants of police tape were at the scene, near the intersection with Royal Pde, this morning.
Several people who live in a nearby apartment building said they had no idea about the incident when interviewed by the Herald Sun today.
It is being reported a passerby discovered the two men slumped in the car and called for an ambulance.
Police would not confirm this detail or how the men came to be in the car at the location.
An Ambulance Victoria spokesman said: “They found two men possibly in their 30s, one man had multiple injuries and was taken to the Royal Melbourne hospital in a critical condition, the other had an injury to his lower body and was also taken to the Royal Melbourne in a serious condition.
A Victoria Police spokeswoman confirmed Armed Crime Squad detectives are investigating and appealing for further information. Contact Crime Stoppers on 1800 333 000.