A man has been arrested after a hit and run incident near Dubbo left two children dead and three people injured.

Emergency services were called to Warne Street in Wellington about 4.30pm on Tuesday after reports five people walking along the grass on the side of the road were hit by a car at high speed.

Police said two boys aged six and seven died shortly after the incident while a 10-year-old boy was airlifted to hospital with serious leg injuries and is undergoing surgery.

A nine-year-old boy sustained minor injuries.

A 34-year-old woman was airlifted to hospital in a critical condition.

Police arrested a 25-year-old man near Elizabeth Street in Wellington about 8.40pm on Tuesday after a short foot pursuit.

Officers said the man is assisting police with their inquiries.