Two people have died during car racing tragedy in Victoria's north-west.

Emergency services attended the crash at the Rainbow Desert Enduro event just after 9am.

Police believe a vehicle involved in a scheduled race left a track off Fuller Road in Rainbow, struck a tree and caught fire.

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The driver and passenger, both yet to be formally identified, have died at the scene.

Motorsport Australia said in a statement that the event has been officially abandoned.

Police said the exact circumstances surrounding the incident are being investigated and they will now prepare a report for the coroner.