A teenage boy aged 14 has been killed and a man and another teen are fighting for life after a vehicle believed to be stolen hit a tree in rural Victoria.

Police say the car, which has not been detailed, hit a tree on the Calder Highway, near Woosang-Yeungroon Road in Woosang, north west of Melbourne, just before 10am.

The driver, 18, and a passenger aged 14 were cut from the vehicle and airlifted to hospital.

Police believe the vehicle was stolen from nearby Mildura overnight.

The Calder Highway is expected to be closed for a significant amount of time.