A Melbourne man is in hospital with life-threatening injuries after being dragged 40 metres by a car in a hit and run.

Another man, 32, is also in hospital.

The two men are believed to have been struck by a car in Heidelberg West, in the city's north, around 10pm (AEDT) on Thursday.

The driver sped off after the crash.

The 31-year-old, who is in a critical condition, was dragged by the car, then thrown to the road.

Police say the two injured men had been part of a group involved in a heated argument over the car at a nearby home earlier that evening.

During that incident, two people were injured before the group decided to leave, only to have two of them later hit on the road by the disputed car.

The car was discovered at an Ivanhoe shopping centre on Friday morning, but the identity of the driver is still unknown.

Police believe everyone involved in the incident knew each other.