The hooded men used a power gel and detonator to set fire to the Bayldon Court bikie hangout, police said.

Security camera footage of the incident, seized and then released by Victoria Police on Sunday, shows the men running from the building moments before the front door is consumed in a massive fire ball.

The explosion caused major damage to the building and a nearby vehicle, but no one was injured.

Detective Senior Constable Ashley Hager said the explosion could have killed someone.

"We don't know what's behind the attack," he said.

"There's no information to suggest it's a targeted attack by another outlaw motorcycle gang. It could be the result of infighting among their own club."

The pair were last seen in a light-coloured utility similar to a Toyota HiLux, which police described as the anti-bikie Echo taskforce's strongest lead.

"It could be a Toyota HiLux, but we're exploring all other vehicles similar to that," he said.

Anyone with information is asked to call Crime Stoppers on 1800 333 000.