Missing Aussie man found shot dead and buried on his farm

A Victoria man who vanished for two days has been found shot dead and buried in a shallow grave on his farm.

The last confirmed sighting of 65-year-old Richard Wills was of him leaving his home in Ouyen, about 450km northwest of Melbourne near the South Australian border, on Sunday.

Police were told he went to work on his rural property on the Mallee Highway around 8am as part of his normal routine.

But he failed to return for lunch, prompting family members to scour the property for him to no avail.

His wife reported him missing on Monday morning when he still had not returned.

Mr Wills' body was found in a police search at around 1.30pm on Tuesday, fatally shot.

"Sadly, Richard has clearly met with foul play," Detective Senior Sergeant Steve Trewavas of the Missing Persons Squad said.

"What is still unclear is exactly who was involved, and why."

Victoria Police are appealing to the public for information that led to Mr Wills' death.

A press conference in Ouyen is due to be held on Saturday.