Victoria Police can confirm an aircraft has today been located in dense bushland in the state's northeast, west of Lucyvale.
The Air Wing located the crashed light plane shortly after 10am.
Victoria Police will work with the Australian Transport Safety Bureau (ATSB) to determine the circumstances surrounding the crash.
The terrain is vastly inaccessible by ground units, so police are working with the police Search and Rescue Squad and Helicopter Emergency Medical Services (HEMS) to access the site.
Police have been in contact with the male pilot's family after it has been confirmed a body has been found at the site.
It is believed the 42-year-old was the only person on board the aircraft at the time of the crash.
The discovery of the aircraft follows reports a light plane departed Mount Beauty Airport around midday on Sunday and did not arrive at its scheduled destination in New South Wales.
The Australian Maritime Safety Authority (AMSA) led an extensive search between Mount Beauty and Corryong.
Any further enquiries regarding the crash in general or access to the crash site should be directed to the ATSB.
