Police are investigating a shooting incident at Surfers Paradise this morning, March 31.

Emergency services were called to Peninsular Drive just before 2am following reports of a disturbance.

Upon arrival a 44-year-old man was located with lacerations across his body and a 21-year-old man was located with a gunshot wound to his stomach and a laceration to his upper back.

Police provided first-aid to the men before they were transported to the Gold Coast University Hospital in a critical but stable condition.

A 38-year-old man, who is known to the two victims, fled the scene in a white Mazda hatchback prior to police arrival.

Police have located a firearm at the scene and a crime-scene has been declared.

Investigations remain ongoing.

Any witnesses or anyone with relevant CCTV or dashcam vision is urged to contact police.

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