Dash cam footage has captured the moments before an unknown gunman opened fire on a former bikie yesterday.

The armed gunman is still on the run after opening fire on professional boxer Sam Abdulrahim in Melbourne.

The Mongols bikie gang associate was shot five times in the chest and stomach at Fawkner Cemetery and is now in a serious but stable condition in hospital.

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Last night, Victoria Police last night found the car-jacked getaway car they believed was connected to the shooting.

The car was found on fire by police in Epping.

It's understood the occupants of a Mazda SUV fired shots into a Mercedes station wagon on Box Forest Road shortly before 12pm.

Police say the offenders crashed into a fire hydrant and pole on Box Forest Road, near Sydney Road before the two men, clad in balaclavas, carjacked a nearby Ford Territory wagon before driving off.

Police confirmed the shooting was a targeted attack.

It's understood the kickboxer knew he had an "active" hit on his life but didn't care.

Victoria Police has recently been forced to intervene and stop several fight nights he was planning to compete in and promote.

Investigators feared he would be shot dead at the events.

Abdulrahim remains in the Royal Melbourne Hospital tonight – in a serious but stable condition.