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Melbourne's key shopping precinct has been sent into meltdown.

At least one person is dead after a car ploughed through pedestrians at Melbourne's Bourke Street Mall this afternoon.

UPDATE: Three fatalities have been confirmed.

A man has been arrested at the Elizabeth Street exit.

Victoria Police confirmed the incident occured just before 2pm.

It is understood the driver struck pedestrians in the vicinity of Bourke and Queen Street.

Authorities revealed 20 people are being treated for injuries.

A number of CBD businesses have been placed into lockdown or evacuated.

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