A man has been arrested for allegedly trying to steal a car while armed with an axe during a multi-vehicle collision in Melbourne's north.

Police say they were called to reports of an eight-vehicle collision at the intersection of Sydney Road and Bolinda Road about 7am this morning.

Officers were told one of the drivers involved in the collision, a 29-year-old man from Altona North, was armed with an axe and attempted a carjacking.

Police say a vehicle struck him and then passers-by detained him in a nearby side street, until police arrived and took him into custody.

He was taken to hospital with non-life-threatening injuries under police guard.

No-one else was injured, police said.

Officers want any witnesses with footage or information of the incident to contact Crime Stoppers, to assist with their investigation.