The man became stranded on the Wells Cave Track in the Cathedral Range State Park shortly after 6pm.

Emergency crews were still trying to reach the man so he could be lowered on a stretcher more than four hours later.

Ambulance Victoria spokesman John Mullen said it was difficult for paramedics to access the man who was stuck on a rock.

"He has been climbing or walking and he's slipped and he's fallen on a rock," he said.

"He's got an injured arm and they're going to have to get up to him and lower him down on a stretcher."

Six emergency units were involved in the man's rescue.

A severe frost warning with temperatures down to -4 degrees was issued for the surrounding area on Saturday night.

Parks Victoria's visitor guide describes the track as "very hard grade" and recommends people "avoid this track if you are uncomfortable in high open and exposed places".