Police have arrested two people in connection with the incident in High Street, Lancefield earlier in the week.

A male has been charged and remanded in custody and will attend court in Bendigo on March 9. A female has also been charged and has been bailed to appear in Castlemaine on March 19.

The male has been charged with reckless conduct endangering injury, criminal damage, breach of bail and firearms offences. The female has been charged with assault with a weapon and reckless conduct endangering injury.

It is believed that the victim who fled the house after shots were fired and the two alleged offenders were known to each other.

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EARLIER:

INVESTIGATIONS are underway after police executed an operation on High Street, Lancefield on Tuesday.

Police attended the address following reports of a man armed with a firearm at about 9am.

Police began calling out to anyone inside after shutting down a portion of the road.

After receiving no response, police entered and cleared the property about 1.20pm, establishing there were no occupants inside.

Lancefield Primary School also reportedly went into lockdown.

The investigation is ongoing.