Drivers believed to be 'chasing one another' before collision in Melbourne CBD

A woman is under police guard in hospital and another driver is on the run after an early morning crash in Melbourne's CBD.

Police have said the circumstances of the crash were unclear, but it's believed two stolen cars were speeding along tram tracks on Elizabeth Street in Melbourne, chasing one another before they collided on the corner of Russell and Latrobe Streets around 1.20am.

The driver of one of the cars, a 31-year-old woman, was taken to hospital under police guard.

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The male driver of the second car fled the scene.

The vehicles involved, a Haval station wagon and a Mazda CX6, have both been confirmed as stolen vehicles.

A quantity of drugs and weapons, including a samurai sword, were found in the cars.

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Drivers believed to be 'chasing one another' before collision in Melbourne CBD
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