An investigation is underway into the death of a missing toddler found unconscious in a dam near Geelong.

The boy was reported missing from an address in Lara about 5.20pm on Tuesday.

Police searched the area and found him unconscious in a dam off Windermere Road.

Officers performed CPR on the boy until paramedics arrived but he could not be revived.

Police say the investigation into the incident is ongoing and a report will be prepared for the coroner.

The tragedy comes less than a month after a four-year-old boy died in swampland waters in Melbourne’s outer-south-east at Officer.

-AAP