UPDATE

Victoria Police have now confirmed a man in his 20s and a woman in her 30s are in custody and they are not looking for anyone else in relation to the incident.

EARLIER

A gunman remains on the run after a siege in Lancefield that saw parts of the community, including a primary school, put into lockdown yesterday.

The Critical Incident Response Team were called to the High Street property in Lancefield around 9am yesterday, amid reports a man had threatened his housemate with a gun.

Nearby residents were told to stay in doors, while Lancefield Primary School is also believed to have been placed in lockdown, on what was just the first day back for pupils.

When police entered the property about 1.30pm but no one was inside the home.

The gunman is believed to have given them the slip sometime between the triple zero call and police arriving.

He is believed to be known to police and is described as Caucasian with strawberry blonde hair.