Police have arrested a Victorian man who had been on the run since Saturday after allegedly attacking family members with an axe.

Police allege Peter O’Ryan, 48, assaulted his brother, Paul O’Ryan, father, Keith O’Ryan, and mother, Janine O’Ryan, with the weapon before fleeing their home in Tyers on foot.

Mr O’Ryan was arrested on Tuesday night after officers were called to reports of a person acting suspiciously near the Tyers-Walhalla Road just before 9pm.

He will be interviewed in relation to the attack over the weekend.

His family remain in the Alfred Hospital where his father is in a critical but stable condition, while his brother and mother are in serious but stable conditions.

Detective Senior Sergeant Rod Findlay said police believed Mr O’Ryan had been living in bushland.

“He was located near the lookout at Tyers in the area which we’ve been concentrating our search on,” he said.

“It’s a really good result.”Detective Senior Sergeant Rod Findlay outside Morwell police station

Rod Findlay thanked the public for their help in finding Peter O’Ryan. (ABC News)

Mr O’Ryan was taken to Morwell police station to be interviewed.

“We went hard at this,” Senior Sergeant Findlay said.

“I just want to thank the public, we wouldn’t have been as successful [without the public’s help].

“It was a call from a passer-by who’d seen the media … and made the decision to give us a call, which led to the arrest, and we’ve had an outpouring of support from the public. It’s been quite overwhelming.”