The Warrnambool three-day carnival has been marred by the death of a second horse in a jumps race.

Tuscan Fire was pulled out of Wednesday's Galleywood Hurdle after fracturing his near-hind pastern and was euthanised shortly after.

His death follows that of Cliff's Dream in a division of the maiden hurdle on Tuesday.

Both incidents have been referred to the Jumps Review Panel while post mortems will be conducted at the University of Melbourne Veterinary Clinic.

"Today's incident has been referred to the Jumps Review Panel to consider the circumstances and any potential safety enhancements," Paul Bloodworth, Racing Victoria's jumps racing manager, said in a statement.

"We will await the findings and any recommendations from the Jumps Review Panel before making further comment on the incident itself."

Bloodworth said jumps racing's fatality rate has improved significantly in the past six seasons due to a series of safety enhancements and initiatives.

"The industry is continually striving for the best possible safety record and today's incident has reaffirmed our desire and commitment to do so," Bloodworth said.