Police responded to reports of a theft at a clothing store on Sydney Road in Campbellfield about 4am today.
It is alleged the two men stole items and fled the shop on foot after spotting a police car.
The two men, aged 26 and 31, were then hit by a Ford Ranger as they crossed the road a short time later.
Both were taken to hospital with serious injuries, where they remain under police guard.
The driver of the Ford Ranger is assisting police.
No charges have been laid.