The man was one of 12 skydivers left Torquay airport with Australian Skydive around 10.25am.
Both his main parachute and reserve failed to open.
He died at the scene, just off Breamlea Road in Connewarre, just five minutes later.
Victoria Police Fletcher Pearson said he was being coached with another man, who also landed in a paddock near him.
The second skydiver was not injured.
“He’s known the other skydiver that he was diving with for over ten years,” Pearson said
APF chief executive Richard McCooey said the man was doing his first jump in a ‘wing suit’.
It’s a special garment which allows the wearer to glide through the air at a slower rate rather than free falling.
He said it was too early to know what happened.
“We understand that the man had successfully completed 300 jumps and was doing his first jump in a wing suit, under the supervision of an experienced tutor,” he said.
“We know very little beyond that at this stage, although it appears the man failed to deploy either of his parachutes.
“This is an awful situation and our thoughts are with the man’s family and friends.”
McCooey said an Australian Parachute Federation Safety and Training Officer was there, and would begin an investigation.
Police will prepare a report for the coroner.
The other person survived.