Mr Hill and Ms Clay were on a camping trip in the Wonnangatta Valley when they were last heard from on March 20, 2020.
Despite extensive searches of the area, the campers have not yet been found.
Greg Lynn, from Caroline Springs, was charged with two counts of murder on Thursday night after being interviewed by Victoria Police.
Airline pilot Greg Lynn has been charged with two counts of murder.
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The 55-year-old was arrested with assistance from the Special Operations Group at a campsite at Arbuckle Junction on Monday.
Lynn will face court in Sale on Friday morning.
“The investigation remains ongoing however police can confirm that at this time, they are not looking for anyone further,” a Victoria Police statement read.
A crime scene within the Great Alpine area was set up on Thursday, with forensic specialists to search the site over the coming days.
Investigators are also appealing for anyone who may have purchased a rusty silver/blue 7×5 trailer with off road wheels between March and July 2020.
The trailer is believed to have been sold on Gumtree.
Missing campers Carol Clay and Russell Hill were last heard from on March 20, 2020.
Victoria Police are also asking to speak to anyone who was in the Wonnangatta area around the time Mr Hill and Ms Clay disappeared, including campers, 4×4 day trippers, hunters, fishermen or trail bike riders, regardless of whether they saw or heard anything.
Assistant Commissioner Bob Hill, Crime Command issued his “heartfelt” condolences to the families of both Mr Hill and Ms Clay.
“The past 20 months have been an incredibly difficult time for them and their grief remains as raw as ever,” he said.
“We are hopeful that this arrest brings us closer to providing the answers the families have been desperately seeking and deserve.”
Assistant Commissioner Hill said efforts to locate the remains of the missing campers continues.
Investigators have been told the pair were camping together at Wonnangatta River near the Wonnangatta camping ground before they disappeared.
“The investigative efforts relating to this matter, particularly by the Missing Persons Squad, have been extraordinary,” he said.
“The investigation has also been supported by a range of specialist units and local police, as well as several external agencies.
“Finally, we would also like to thank the media and members of the public who have provided assistance during the course of this investigation.”
Mr Hill left his Drouin home on March 19, 2020 and collected Ms Clay in his white Toyota Landcruiser at her home in Pakenham.
Bush search for missing Victoria couple resumes
He was last heard from on March 20 via high frequency radio, when he said he was at Wonnangatta Valley in the Victorian Alps.
Ms Clay told her friends she was going away and expected to return home on March 28 or 29.
Investigators have been told the pair were camping together at Wonnangatta River near the Wonnangatta camping ground before they disappeared.
Campers found the pair’s campsite, which was destroyed by fire, near Dry River Creek Track in the Wonnangatta Valley on March 21.
Mr Hill’s vehicle suffered minor signs of fire damage.

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