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Police say the injuries suffered by two men are no longer considered life-threatening.
Four crime scenes have been set up at the camping site, including the caravan of one of the injured men.
Forensic officers are presently examining the site.
PREVIOUSLY:
Two men were airlifted to Melbourne hospitals after being seriously injured in an argument at Yarrawonga on Thursday night.
A Victoria Police spokeswoman said police had arrested one man following an altercation at a camping ground that left two people "with serious, possibly life-threatening injuries".
"Police were called to Forges Bend Track about 8pm where two males were located with multiple injuries," she said.
"The exact circumstances surrounding the incident are being investigated."
Ambulance Victoria said two people were airlifted to Melbourne after the Yarrawonga incident.
Paramedics were called to the scene just before 8.30pm.
"They treated a man in his 30s who was airlifted to the Alfred Hospital in a serious but stable condition with upper body injuries," Ambulance Victoria said in a statement.
"A man in his 60s was airlifted to the Royal Melbourne Hospital in a serious condition with multiple injuries."
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