  We present a theoretical estimation for the cross-section of exclusive two
$\rho$-meson production in two photon collision when one of the initial photons
is highly virtual. The compatibility of our analysis with recent experimental
data obtained by the L3 Collaboration at LEP is discussed. We show that these
data prove the scaling behavior of the exclusive production amplitude. They are
thus consistent with a partonic description of the exclusive process
$\gamma\gamma ^*\to\rho ^0\rho ^0$ when $Q^2\sim 2 - 20 {\rm GeV^2}$.
