A man has been arrested overnight after the bodies of two people were found in a home south-east of Melbourne.

Police discovered the dead man and woman when they were called to the property in Adrienne Crescent at Mount Waverley about 10pm yesterday.

They are yet to be identified.

Soon after, police, including the canine squad, launched a large manhunt in surrounding streets.

About 1.40am today, officers arrested a 34-year-old man at Westall train station.

He will be interviewed by detectives over the deaths.

At this stage police are not looking for anyone else.