A talented MasterChef cameraman was reportedly one of two on board a plane that plunged into waters off Victoria’s Mornington Peninsula after a mid-air collision on Sunday afternoon.

The search of Port Phillip Bay will continue on Monday morning for any sign of the missing passenger and a pilot.

It’s believed two Viper S-211 Marchetti ex-military planes were flying in formation when they collided and one crashed about 1.45pm on Sunday.

The other Viper issued a mayday alert and miraculously made it back to Essendon Airport.

Both planes had a pilot and passenger on board.

The Herald Sun reports James Rose, 30, who has been a cameraman on TV shows including MasterChef, was in the cockpit of the fighter jet.

He was reportedly filming for a new TV show.

The two Viper planes flying on Sunday. Photo: 9News screenshot

The newspaper reports Rose’s distraught family gathered at Mount Martha Life Saving Club late on Sunday as the search operation was underway.

Footage of boats and choppers conducting the search shows broken chunks of plane adrift and rescuers retrieving a plane wheel.

James’s father David Rose told the Herald Sun the devastating incident felt surreal.

“We’re so proud of him,” Rose said.

“He is recognised as one of the best drone operators in Australia and worked on all the big name TV shows.

“That’s why he was up there, in the plane today.”

Tweet from @atsbgovau

The pilot of the surviving plane called “mayday, mayday, mayday”, an audio recording reveals.

A responder replied to the alarm: “Viper 1, roger your mayday. You anticipate Viper 1 in the water?”

The pilot replied: “I am anticipating Viper 2 in the water. We can see a splash mark.”

Three rescue helicopters were scouring the scene, about 12 kilometres west of Mount Martha, on Sunday night, along with water police and volunteer marine rescue units.

Some of the wreckage was located.

The Australian Maritime Safety Authority said a search would continue until last light.

The Australian Transport Safety Bureau will also investigate the incident.

“Investigators are preparing to gather evidence from a range of sources,” chief commissioner Angus Mitchell said.

“The ATSB asks anyone who may have witnessed and has footage of the accident … to contact us via the witness form on our website at their earliest convenience.”

A preliminary report into the incident will be released in two months.

The Viper S-211 is an Italian-made fighter plane, primarily used for Air Force training.

-with AAP