Fifty-six-year-old Dezi Freeman, previously known as Desmond Filby, was fatally shot at about 8:30 a.m. on Monday (2130 GMT, Sunday) following a three-hour standoff at a rural property in northeast Victoria, the reports said.
Victoria Police Chief Commissioner Mike Bush declined to formally confirm the identity of the person shot dead by police pending official identification, but said the shooting was justified.
"Everything I know at this point tells me that this shooting was justified," Bush said during a media briefing, adding that no police officers were injured during the incident.
"There was an opportunity for him to surrender peacefully, which he did not ... we're working through the sequence of that. We strongly believe, yet to be confirmed, that he was armed."
More than 450 police officers had been involved in the hunting for Freeman since August, when he allegedly opened fire on a team of 10 police officers, when they arrived at a property in Porepunkah, about 300 km (186 miles) northeast of Melbourne, to execute a search warrant.
Authorities had offered a A$1 million ($684,700) reward for information leading to his capture.
Believed to have expert bushcraft skills and multiple powerful firearms, Freeman fled into bushland at Mount Buffalo National Park following the shooting. Local media have described him as a "sovereign citizen", a term used for individuals who regard the government as illegitimate.
The Age newspaper reported Freeman was found and shot dead by police at a large rural property in the remote Walwa area in Victoria, about 180 km (112 miles) northeast of Porepunkah.
Satellite imagery showed the property was studded with multiple buildings, two shipping containers, a caravan and several derelict vehicles, the report said.

ADELAIDE, AUSTRALIA - AUGUST 31: A man holds a placard with an image of fugative Dezi Freeman at anti-immigration protesters march from Rundle Park on August 31, 2025 in Adelaide, Australia. Various right wing and nationalist groups have called for anti‑immigration rallies across several Australian cities on August 31, citing concerns over border policies and cultural integration. Police and community leaders have warned of potential clashes, as counter‑protests by pro‑diversity organisations are expected to take place simultaneously. (Photo by Tracey Nearmy/Getty Images)