Knife-wielding robbers used a car to corral their victims on a Keysborough road.
Police said two Clayton South men, aged 23 and 24, were driving on Perry Road about 9pm on Thursday 7 December.
A dark-coloured Holden sedan overtook their car and then slowed down, causing them to also slow.
Three men with their faces covered jumped out of the sedan and held up one of the men at knifepoint.
The trio stole personal possessions and fled the scene.
Police appealed for any witnesses, particularly any with dashcams, to call Crime Stoppers on 1800 333 000 or visit www.crimestoppers.com.au.