A man wearing a suit of armour and wielding a sword is involved in a stand-off with police near Shepparton, in Victoria's north.

The man is holding several police at bay at a caravan park at Congupna.

Police say they are concerned for the man's welfare after he failed to make a scheduled appearance in court this morning.

Police negotiators from Melbourne have arrived on the scene and park residents have been moved away from the area.

A park spokeswoman says the man has lived there for five years.