Businessman Anthony Raduka filmed the footage from the deck of his Highton home about midnight on Monday.
The footage shows balls of light flying over Corio Bay at great speed, dipping as low as street level before zigzagging back up through the sky.
The balls change colour and shape during the 20 mins of footage recorded.
Mr Raduka said the light was too fast to be an aircraft and it travelled in irregular directions.
UPDATE: Another person has come forward with a cell phone camera video
via UFO sighting over Geelong caught on video – Local News – Geelong, VIC, Australia.
