Island Archway (inset) is now two new features on the Great Ocean Road near Loch Ard Gorge after the middle section collapsed into the sea this week.

A large section of the iconic rock formation the Island Archway, on Victoria's west coast, has succumbed to the elements and crumbled into the sea.

Parks Victoria believes the fall occurred sometime between 4pm on Tuesday and 9am yesterday during GMT+10 time. All that remains following the collapse are the two rocks that previously supported the arch.