A man has shot at police outside a block of units in Melbourne's south-east, during a dramatic chase that shut down a suburban street.

The suspected shooter was arrested after heavily armed police from the Critical Incident Response Team surrounded a property in Dandenong North on Tuesday.

But his accomplice is still on the run.

Police had tried to stop a car on Stud Road in Dandenong North about 9am.

The driver did not stop, so police returned to a nearby property on Stud Road where the car had been seen earlier.

When the officers approached the property, two men ran off, towards a block of units. Police gave chase on foot.

The men were entering the block of units when one of them allegedly pulled a gun and fired it towards the officers.

No one was injured in the shooting.

The area was cordoned off immediately and officers from the Critical Incident Response Team called in.

Stud Road was closed to traffic for some time between Heatherton Road and the Monash Freeway.

They surrounded the property and arrested a 31-year-old man, a 44-year-old man and a woman, who were being interviewed by detectives on Tuesday afternoon.

Two other women at the property are helping police with their inquiries.

However, one man is still on the run.

It is not known if he is armed, or if he was in the car that police tried to pull over.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000.