Victoria Police have unveiled footage capturing a terrifying moment when a speeding vehicle barely missed colliding with five pedestrians.

The incident took place earlier this month along the Nepean Highway in Mornington. A red Mazda 121 was recorded speeding and running a red light by a traffic enforcement camera.

The Mazda was traveling at 93 km/h in an area where the speed limit is set at 70 km/h.

Simultaneously, five pedestrians were in the process of crossing the road as the Mazda raced through the red light.

The video reveals how the speeding car came alarmingly close to some of the pedestrians, highlighting the narrow escape.

There were no injuries to the pedestrians, some of whom subsequently filmed the car on their phones as it sped off into the night.

Police still have not located the driver of the vehicle, and have released the footage in the hope the pedestrians or any other witnesses to the incident will come forward.

The Mazda had a registration of 1WG60E, and after the incident it continued driving in a southbound direction towards Dromana.

Anyone who witnessed the incident or has dashcam footage is urged to contact Crime Stoppers on 1800 333 000.